/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
Stelco Holdings Inc. second quarter highlights
include:
- Revenue of $918 million for
the quarter, up 123% from Q2 2020
- Operating income of $393
million, representing a 43% margin for the quarter, up
2,356% from Q2 2020
- Adjusted EBITDA* of $410
million, representing a 45% margin for the quarter, up
1,106% from Q2 2020
- Adjusted Net Income* of $380
million, representing $4.28
per share, up 3,700% from Q2 2020
- Shipments* of 679,000 tons for the quarter, up 18% from Q2
2020
- Average selling price of $1,292 per net ton, up 85% from $700 per net ton in Q2 2020
- Declared increased quarterly dividend of $0.20 per share payable on August 31, 2021
HAMILTON, ON, Aug. 10, 2021 /CNW/ - Stelco Holdings Inc.
("Stelco Holdings" or the "Company"), (TSX:
STLC), a low cost, integrated and independent steelmaker with one
of the newest and most technologically advanced integrated
steelmaking facilities in North
America, today announced financial results of the Company
for the three and six months ended June 30,
2021. Stelco Holdings is the 100% owner of Stelco Inc.
("Stelco"), the operating company.
Selected Financial Information:
(in millions Canadian
dollars, except
volume, per share and nt figures)
|
Q2
2021
|
Q2 2020
|
Change
|
Q1 2021
|
Change
|
YTD
2021
|
YTD 2020
|
Change
|
Revenue
($)
|
918
|
411
|
123 %
|
665
|
38 %
|
1,583
|
856
|
85 %
|
Operating income
($)
|
393
|
16
|
2,356 %
|
167
|
135 %
|
560
|
23
|
2,335 %
|
Net
income (loss) ($)
|
363
|
—
|
NM
|
119
|
205 %
|
482
|
(24)
|
NM
|
Adjusted net income
(loss) ($) *
|
380
|
10
|
3,700 %
|
155
|
145 %
|
535
|
(16)
|
NM
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share
(diluted) ($)
|
4.09
|
—
|
NM
|
1.34
|
205 %
|
5.43
|
(0.27)
|
NM
|
Adjusted net income
(loss) per common
share (diluted) ($) *
|
4.28
|
0.11
|
3,791 %
|
1.75
|
145 %
|
6.03
|
(0.18)
|
NM
|
|
|
|
|
|
|
|
|
|
Average selling price
per nt ($) *
|
1,292
|
700
|
85 %
|
959
|
35 %
|
1,126
|
703
|
60 %
|
Shipping volume (in
thousands of nt) *
|
679
|
576
|
18 %
|
675
|
1 %
|
1,354
|
1,197
|
13 %
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA ($)
*
|
410
|
34
|
1,106 %
|
185
|
122 %
|
595
|
54
|
1,002 %
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA per
nt ($) *
|
604
|
59
|
924 %
|
274
|
120 %
|
439
|
45
|
876 %
|
*
|
See "Non-IFRS
measures" for a description of certain Non-IFRS measures used in
this Press Release and "Non-IFRS Measures Reconciliation"
below.
|
NM = Not
Meaningful
|
"I am delighted to be announcing our second consecutive quarter
of record results, as our strategy and capital investments have
allowed Stelco to benefit from the tremendous opportunity in the
steel market and create industry-leading profit margins," said
Alan Kestenbaum, Executive Chairman
and Chief Executive Officer. "With quarterly adjusted net income of
$380 million and adjusted EBITDA of
$410 million, we are delivering on
the expectations we set at the end of the first quarter and
continuing to build momentum and capitalize on the favourable
pricing trends and low-cost position that we have created."
"Even with our record results, we remain focused on further
improving our cost structure," said Kestenbaum. "We are continuing
our work to upgrade our Lake Erie Works coke battery. Once this
project is complete, we expect to benefit from increased levels of
productivity and efficiencies which will reduce our coke production
costs and provide our business with a further advantage over our
competitors. Similarly, construction of the 65MW electricity
cogeneration project is well underway and once commissioned in the
second half of 2022, will reduce our electricity costs and further
execute on our CO2 reduction efforts."
Paul Scherzer, Chief Financial
Officer, added, "Our continued focus on reducing costs and
maximizing margins has contributed greatly to the success of our
business through the first half of 2021. We have continued to
demonstrate our ability to produce industry-leading margins and
generate cash. In the quarter, we paid down in full the
revolving portion of our asset-based loan, continued to use
internally generated funds for the final stages of our major
capital plan, which will wind down over the coming months, and
ended the quarter with $247 million
of available cash, a balance that continues to grow significantly
and now stands at more than $400
million. In recognition of this continued success and our
strong financial position, I am pleased to announce that we are
doubling our quarterly dividend to $0.20 per share. The close alignment of
management with our shareholders remains at the core of our
approach, as does our commitment to maintaining a strong balance
sheet and making the necessary investments to reduce our costs and
improve our already significant competitive
advantage."
Second Quarter 2021 Financial Review:
Compared to Q2 2020
Q2 2021 revenue increased $507 million, or 123%, from
$411 million in Q2 2020, primarily due to an 85% increase in
average steel selling prices, an 18% increase in steel shipping
volumes and higher non-steel sales of $33 million. Our
shipping volumes increased 103 thousand nt, from
576 thousand nt in Q2 2020 to 679 thousand nt in Q2 2021.
The average selling price of our steel products increased from
$700 per nt in Q2 2020 to
$1,292 per nt in Q2 2021. Non-steel
sales increased $33 million, from $8 million in Q2 2020
to $41 million during Q2 2021, mostly due to higher
metallurgical coke, iron ore pellet fines and kish sales.
The Company realized operating income of $393 million for the quarter, compared to
$16 million in Q2 2020, a change of $377 million
consisting of an increase in revenue of $507 million, partly
offset by an increase in cost of goods sold of $131 million
and a decrease in selling, general and administrative expenses of
$1 million.
Finance costs increased by $25
million, from $12 million in
Q2 2020, due to the following: $24 million related to the
remeasurement impact from our employee benefit commitment and
$1 million higher accretion expense
in connection with the employee benefit commitment.
The Company realized net income of $363 million for the
quarter, compared to nil in the second quarter of 2020, a change of
$363 million primarily due to the following: $377 million
increase in operating income and $10 million deferred tax
recovery and a $4 million decrease in restructuring and other
costs, partly offset by $25 million in higher finance costs
and a $4 million decrease in finance and other income.
Adjusted net income totaled $380 million in Q2 2021, a change
of $370 million from adjusted net income of $10 million
in Q2 2020.
Adjusted EBITDA in Q2 2021 totaled $410 million, an
increase of $376 million from $34 million in Q2 2020,
which reflects an increase in average steel selling prices, higher
shipping volumes and higher non-steel sales during the period.
Compared to Q1 2021
Q2 2021 revenue increased $253 million, or 38%, from
$665 million in Q1 2021, primarily
due to 35% higher average selling prices, a 1% increase in steel
shipping volumes, from 675 thousand nt in Q1 2021 to
679 thousand nt in Q2 2021 and an increase in non-steel sales
of $23 million.
The Company realized operating income of $393 million in Q2 2021 compared to
$167 million in Q1 2021, and adjusted EBITDA of $410 million compared to $185 million during
Q1 2021, which mostly reflects an increase in average selling
prices and higher non-steel sales.
Summary of Net Tons Shipped by Product:
(in thousands of nt)
Tons Shipped by
Product
|
Q2
2021
|
Q2 2020
|
Change
|
Q1 2021
|
Change
|
YTD
2021
|
YTD 2020
|
Change
|
Hot-rolled
|
490
|
423
|
16 %
|
467
|
5 %
|
957
|
870
|
10 %
|
Coated
|
142
|
109
|
30 %
|
140
|
1 %
|
282
|
221
|
28 %
|
Cold-rolled
|
9
|
15
|
(40)%
|
32
|
(72)%
|
41
|
50
|
(18)%
|
Other
a
|
38
|
29
|
31 %
|
36
|
6 %
|
74
|
56
|
32 %
|
Total
|
679
|
576
|
18 %
|
675
|
1 %
|
1,354
|
1,197
|
13 %
|
|
|
|
|
|
|
|
|
|
Shipments by
Product (%)
|
|
|
|
|
|
|
|
|
Hot-rolled
|
72
%
|
73 %
|
|
69 %
|
|
71
%
|
73 %
|
|
Coated
|
21
%
|
19 %
|
|
21 %
|
|
21
%
|
18 %
|
|
Cold-rolled
|
1 %
|
3 %
|
|
5 %
|
|
3 %
|
4 %
|
|
Other
a
|
6 %
|
5 %
|
|
5 %
|
|
5 %
|
5 %
|
|
Total
|
100
%
|
100 %
|
|
100 %
|
|
100
%
|
100 %
|
|
a
|
Includes other steel
products: pig iron, slabs and non-prime steel sales.
|
Statement of Financial Position and Liquidity:
On a consolidated basis, Stelco Holdings ended Q2 2021 with cash
of $247 million and had $221 million of availability
under the ABL revolver at June 30,
2021. The following table shows selected information
regarding the Stelco Holdings' consolidated balance sheet as at the
noted dates:
(millions of Canadian
dollars)
|
|
|
As at
|
June 30,
2021
|
December 31,
2020
|
ASSETS
|
|
|
Cash
|
247
|
59
|
Trade and other
receivables
|
329
|
183
|
Inventories
|
420
|
509
|
Total current
assets
|
1,013
|
791
|
|
|
|
Derivative
asset
|
140
|
133
|
Property, plant and
equipment, net
|
928
|
845
|
Deferred tax
asset
|
45
|
—
|
Total non-current
assets
|
1,123
|
988
|
Total
assets
|
2,136
|
1,779
|
|
|
|
LIABILITIES
|
|
|
Trade and other
payables
|
586
|
668
|
Derivative
liabilities
|
—
|
84
|
Asset-based lending
facility
|
15
|
15
|
Obligations to
independent employee trusts
|
172
|
36
|
Total current
liabilities
|
825
|
847
|
|
|
|
Asset-based lending
facility
|
76
|
113
|
Obligations to
independent employee trusts
|
400
|
462
|
Total non-current
liabilities
|
566
|
651
|
Total
liabilities
|
1,391
|
1,498
|
|
|
|
Total
equity
|
745
|
281
|
Stelco Holdings and its subsidiaries ended Q2 2021 with current
assets of $1.0 billion, which
exceeded current liabilities of $825 million by
$188 million. Non-current assets include the derivative asset
representing the fair value of Stelco's option to purchase a 25%
ownership interest in the Minntac mine. Stelco Holdings'
liabilities include $572 million of obligations to independent
pension and OPEB trusts, which includes $463 million of
employee benefit commitments and $109 million under a mortgage
note payable associated with the June
2018 land purchase. Non-current liabilities of
$566 million as at June 30, 2021
include $400 million of obligations to independent pension and
OPEB trusts. Stelco Holdings' consolidated equity totaled
$745 million at June 30,
2021.
Declaration of Quarterly Dividend
Stelco's Holding's Board of Directors approved the payment of a
regular quarterly dividend of $0.20
per share which will be paid on August 31,
2021, to shareholders of record as of the close of business
on August 25, 2021.
The regular quarterly dividend has been designated as an
"eligible dividend" for purposes of the Income Tax Act
(Canada).
Quarterly Results Conference Call
Stelco management will host a conference call to discuss its
results tomorrow, Wednesday, August 11,
2021, at 9:00 a.m. ET. To
access the call, please dial 1 (888) 390-0546 or 1 (416) 764-8688
and reference "Stelco". The conference call will also be webcasted
live on the Investor Relations section of Stelco's web site at
https://www.stelco.com/investors. A presentation that will
accompany the conference call will also be available on the website
prior to the conference call. Following the conclusion of the live
call, a replay of the webcast will be available on the Investor
Relations section of the Company's website for at least 90 days. A
telephonic replay of the conference call will also be available
from 12:00 p.m. ET on August 11, 2021 until 11:59 p.m. ET on August
26, 2021 by dialing 1 (888) 390-0541 or 1 (416) 764-8677 and
using the PIN 235671#.
Consolidated Financial Statements and Management's Discussion
and Analysis
The Company's unaudited interim consolidated financial
statements for the three and six months ended June 30, 2021, and Management's Discussion &
Analysis thereon are available under the Company's profile on SEDAR
at www.sedar.com.
About Stelco
Stelco is a low cost, integrated and independent steelmaker with
one of the newest and most technologically advanced integrated
steelmaking facilities in North America. Stelco produces
flat-rolled value-added steels, including premium-quality coated,
cold-rolled and hot-rolled steel products. With first-rate gauge,
crown, and shape control, as well as reliable uniformity of
mechanical properties, our steel products are supplied to customers
in the construction, automotive and energy industries
across Canada and the United States as well as
to a variety of steel services centres, which are regional
distributors of steel products.
Non-IFRS Measures
This news release refers to certain non-IFRS measures that are
not recognized under International Financial Reporting Standards
("IFRS") and do not have a standardized meaning prescribed by IFRS.
These measures are not recognized measures under IFRS, do not have
a standardized meaning prescribed by IFRS and therefore may not be
comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to
complement those IFRS measures by providing further understanding
of our results of operations from management's perspective.
Accordingly, these measures should not be considered in isolation
nor as a substitute for analysis of our financial information
reported under IFRS. We use non-IFRS measures including "adjusted
net income", "adjusted net income per share", ''adjusted EBITDA'',
''adjusted EBITDA per nt'', ''selling price per nt'', and
''shipping volume'' to provide supplemental measures of our
operating performance and thus highlight trends in our core
business that may not otherwise be apparent when relying solely on
IFRS financial measures. We also believe that securities analysts,
investors and other interested parties frequently use non-IFRS
measures in the evaluation of issuers. Our management uses these
non-IFRS financial measures to facilitate operating performance
comparisons from period-to-period, to prepare annual operating
budgets and forecasts, and drive performance through our management
compensation program. For a reconciliation of these non-IFRS
measures, refer to the Company's "Non-IFRS Measures Reconciliation"
section below. For a definition of these non-IFRS measures, refer
to the Company's MD&A for the period ended June 30, 2021 available under the Company's
profile on SEDAR at www.sedar.com.
Forward-Looking Information
This release contains "forward-looking information" within the
meaning of applicable securities laws. Forward-looking information
may relate to our future outlook and anticipated events or results
and may include information regarding our financial position,
business strategy, growth strategy, acquisition, opportunities,
budgets, operations, financial results, taxes, dividend policy,
plans and objectives of our Company. Particularly, information
regarding our expectations of future results, performance,
achievements, prospects or opportunities is forward-looking
information. In some cases, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "targets", "expects" or "does not expect", "is expected",
"an opportunity exists", "budget", "scheduled", "estimates",
"outlook", "forecasts", "projection", "prospects", "strategy",
"intends", "anticipates", "does not anticipate", "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might", "will", "will
be taken", "occur" or "be achieved". In addition, any statements
that refer to expectations, intentions, projections or other
characterizations of future events or circumstances may be forward
looking statements. Forward-looking statements are not historical
facts but instead represent management's expectations, estimates
and projections regarding future events or circumstances. The
forward-looking statements contained herein are presented for the
purpose of assisting the holders of our securities and financial
analysts in understanding our financial position and results of
operations as at and for the periods ended on the dates presented,
as well as our financial performance objectives, vision and
strategic goals, and may not be appropriate for other purposes.
Forward-looking information in this news release includes:
expectations that we will be able to successfully adapt to changing
market conditions and succeed across all points of the market cycle
by diversifying our product mix and modernizing our facilities with
upgrade and modernizing projects, such as, the upgrade of our Lake
Erie Works coke battery and the construction of our electricity
co-generation plant; expectations that we will continue to operate
the business as one of the lowest-cost integrated steel producers
in North America and that our
modernizing projects will further enhance our low-cost position;
our advancement of strategic initiatives and our intention to
continue making strategic investments in our business including
with respect to next generation, high strength steels for the
automotive market; expectations that we will sustainably achieve a
lower cost operating structure, increased steelmaking capacity, and
improved product quality as a result of the recently completed
blast furnace reline and upgrade project; expectations that the
construction of the cogeneration facility at our Lake Erie Works
will be completed on schedule and that the facility will further
reduce our costs, increase our energy reliability and improve our
environmental footprint; expectations that we will be able to take
advantage of the current pricing and demand environment witnessed
during the first half of 2021; expectations that we will be able to
capitalize on any opportunities that emerge; expectations that any
increased production that we are able to maintain will enable us to
produce a full suite of products in response to market demands;
expectations that our current operations and financial position
will afford us financial flexibility; expectations that we will be
able to access the broader market for pig iron; and expectations
that the market demand for pig iron will increase.
Undue reliance should not be placed on forward-looking
information. The forward-looking information in this press release
is based on our opinions, estimates and assumptions in light of our
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that we
currently believe are appropriate and reasonable in the
circumstances. Despite a careful process to prepare and review the
forward-looking information, there can be no assurance that the
underlying opinions, estimates and assumptions will prove to be
correct. Certain assumptions in respect of: our ability to complete
new capital projects on schedule and within budget and their
anticipated effect on revenue and costs; our ability to obtain all
applicable regulatory approvals required in connection with new
facilities; our ability to source necessary volumes of raw
materials and other inputs at competitive prices; our iron ore
pellet supply agreement providing us with competitively priced iron
ore pellets during the term of the agreement; our facilities
operating at design capacity; the market demand for iron units
continuing to face increased pressure; our ability to supply to new
customers and markets; our ability to effectively manage costs; our
ability to attract and retain key personnel and skilled labour; our
ability to obtain and maintain existing financing on acceptable
terms; currency exchange and interest rates; the impact of
competition; changes in laws, rule, and regulations, including
international trade regulations; our ability to continue to access
the U.S. market without any adverse trade restrictions; upgrades to
existing facilities remaining on schedule and on budget and their
anticipated effect on revenue and costs; and growth in steel
markets and industry trends, as well as those set out in this press
release, are material factors made in preparing the forward-looking
information and management's expectations contained in this press
release.
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward looking
information, which speaks only as of the date made. The
forward-looking information contained in this press release
represents our expectations as of the date of this news release and
are subject to change after such date. Stelco Holdings disclaims
any intention or obligation or undertaking to update publicly or
revise any forward-looking statements, whether written or oral,
whether as a result of new information, future events or otherwise,
except as required by law.
Selected Financial Information
The following includes financial information prepared by
management in accordance with IFRS. This financial information does
not contain all disclosures required by IFRS, and accordingly
should be read in conjunction with Stelco Holdings Inc.'s
Consolidated Financial Statements and MD&A for the period ended
June 30, 2021, which is available on
the Company's website and on SEDAR (www.sedar.com).
Stelco Holdings
Inc. Consolidated Statements of Income
(Loss) (unaudited)
|
|
|
|
Three months ended
June 30,
|
Six months ended June
30,
|
(millions of Canadian
dollars)
|
2021
|
2020
|
2021
|
2020
|
Revenue from sale of
goods
|
$
|
918
|
$
|
411
|
$
|
1,583
|
$
|
856
|
Cost of goods
sold
|
514
|
383
|
998
|
812
|
Gross
profit
|
404
|
28
|
585
|
44
|
Selling, general and
administrative expenses
|
11
|
12
|
25
|
21
|
Operating
income
|
393
|
16
|
560
|
23
|
|
|
|
|
|
Other income
(loss) and (expenses)
|
|
|
|
|
Finance
costs
|
(37)
|
(12)
|
(103)
|
(45)
|
Finance and other
income (loss)
|
(2)
|
2
|
(19)
|
6
|
Other costs
|
(1)
|
(5)
|
(1)
|
(6)
|
Share of loss from
joint ventures
|
—
|
(1)
|
—
|
(2)
|
Income (loss)
before income taxes
|
353
|
—
|
437
|
(24)
|
Deferred tax
recovery
|
10
|
—
|
45
|
—
|
Net income
(loss)
|
$
|
363
|
$
|
—
|
$
|
482
|
$
|
(24)
|
Stelco Holdings
Inc.
Consolidated
Balance Sheets
(In millions of
Canadian dollars) (unaudited)
|
|
|
As at
|
June 30,
2021
|
December 31,
2020
|
ASSETS
|
|
|
Current
assets
|
|
|
Cash
|
$
|
247
|
$
|
59
|
Restricted
cash
|
8
|
8
|
Trade and other
receivables
|
329
|
183
|
Inventories
|
420
|
509
|
Prepaid expenses and
deposits
|
9
|
32
|
Total current
assets
|
$
|
1,013
|
$
|
791
|
|
|
|
Non-current
assets
|
|
|
Derivative
asset
|
140
|
133
|
Property, plant and
equipment, net
|
928
|
845
|
Intangible
assets
|
8
|
8
|
Investment in joint
ventures
|
2
|
2
|
Deferred tax
asset
|
45
|
—
|
Total non-current
assets
|
$
|
1,123
|
$
|
988
|
Total
assets
|
$
|
2,136
|
$
|
1,779
|
|
|
|
LIABILITIES
|
|
|
Current
liabilities
|
|
|
Trade and other
payables
|
$
|
586
|
$
|
668
|
Derivative
liabilities
|
—
|
84
|
Other
liabilities
|
52
|
44
|
Asset-based lending
facility
|
15
|
15
|
Obligations to
independent employee trusts
|
172
|
36
|
Total current
liabilities
|
$
|
825
|
$
|
847
|
|
|
|
Non-current
liabilities
|
|
|
Provisions
|
7
|
6
|
Pension
benefits
|
12
|
11
|
Other
liabilities
|
71
|
59
|
Asset-based lending
facility
|
76
|
113
|
Obligations to
independent employee trusts
|
400
|
462
|
Total non-current
liabilities
|
$
|
566
|
$
|
651
|
Total
liabilities
|
$
|
1,391
|
$
|
1,498
|
|
|
|
EQUITY
|
|
|
Common
shares
|
512
|
512
|
Retained earnings
(Accumulated deficit)
|
233
|
(231)
|
Total
equity
|
$
|
745
|
$
|
281
|
Total liabilities
and equity
|
$
|
2,136
|
$
|
1,779
|
Non-IFRS Measures Results
The following table provide a reconciliation of net income
(loss) to adjusted net income (loss) for the period indicated:
|
Three months ended
June 30,
|
Six months ended June
30,
|
(millions of Canadian
dollars)
|
2021
|
2020
|
2021
|
2020
|
Net income
(loss)
|
$
|
363
|
$
|
—
|
$
|
482
|
$
|
(24)
|
Add
back/(Deduct):
|
|
|
|
|
Remeasurement of
employee benefit commitment 1
|
24
|
—
|
76
|
(1)
|
Deferred tax
recovery
|
(10)
|
—
|
(45)
|
—
|
Loss from
commodity-based swaps
|
—
|
—
|
27
|
—
|
Loss (gain) on
derivative asset
|
2
|
—
|
(7)
|
—
|
Other costs
|
1
|
5
|
1
|
6
|
Transaction-based and
other corporate-related costs
|
—
|
2
|
1
|
3
|
Realized gain from
commodity-based swaps
|
—
|
2
|
—
|
—
|
Other
|
—
|
1
|
—
|
—
|
Adjusted net
income (loss)
|
$
|
380
|
$
|
10
|
$
|
535
|
$
|
(16)
|
1
|
Remeasurement of
employee benefit commitment for change in the timing of estimated
cash flows and future funding requirements.
|
The following table provides a reconciliation of net income
(loss) to adjusted EBITDA for the periods indicated:
|
Three months ended
June 30,
|
Six months ended June
30,
|
(millions of Canadian
dollars, except where otherwise noted)
|
2021
|
2020
|
2021
|
2020
|
Net income
(loss)
|
$
|
363
|
$
|
—
|
$
|
482
|
$
|
(24)
|
Add
back/(Deduct):
|
|
|
|
|
Finance
costs
|
37
|
12
|
103
|
45
|
Deferred tax
recovery
|
(10)
|
—
|
(45)
|
—
|
Depreciation
|
17
|
12
|
33
|
25
|
Loss from
commodity-based swaps
|
—
|
—
|
27
|
—
|
Loss (gain) on
derivative asset
|
2
|
—
|
(7)
|
—
|
Transaction-based and
other corporate-related costs
|
—
|
2
|
1
|
3
|
Other costs
|
1
|
5
|
1
|
6
|
Realized gain from
commodity-based swaps
|
—
|
2
|
—
|
—
|
Finance
income
|
—
|
—
|
—
|
(1)
|
Other
|
—
|
1
|
—
|
—
|
Adjusted
EBITDA
|
$
|
410
|
$
|
34
|
$
|
595
|
$
|
54
|
|
|
|
|
|
Adjusted EBITDA as
a percentage of total revenue
|
45
%
|
|
8%
|
38
%
|
6 %
|
SOURCE Stelco