Nucor, altro produttore USA di acciaio, è passata da un livello di utilizzazione degli impianti al 48% nel Q4/2008 al 43% nel quarter in corso. Fra gli aspetti paradossali della situazione, quello per cui il downturn verificatosi nel post-Lehman è stato così veloce ed ha invertito in maniera così repentina e drastica il trend alla crescita dei prezzi delle materie prime, che molti produttori si sono ritrovati a subire perdite per accordi con cui avevano fatto hedging sui prezzi, oppure a dover abbattere il valore di inventario delle scorte di materie prime accresciute a prezzi molto più elevati degli attuali, sull'assunto, rivelatosi errato, di possibili ulteriori futuri aumenti.
Nucor è finita in creditwatch negativo da parte di S&P, che assume il protrarsi della situazione attuale.
La segnalo anche perché ha alcuni eurobond emessi in USD...
5% Nucor 2012
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=18859431
5.75% Nucor 2017
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=18859416
6.4% Nucor 2037
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=18859381
Nucor Corp. 'A+' Long-Term Ratings Placed On Watch Negative; 'A-1' Short-Term Ratings Affirmed
NEW YORK (Standard & Poor's) March 18, 2009--Standard & Poor's Ratings Services said today that it placed its 'A+' corporate credit and senior
unsecured debt ratings on Nucor Corp. on CreditWatch with negative
implications. We also placed the 'A+' senior secured rating on Nucor on
CreditWatch with negative implications.
At the same time, we affirmed the 'A-1' short-term corporate credit and
commercial paper ratings on the company.
"The CreditWatch listing follows the company's recent announcement that its first-quarter 2009 operating performance would be weaker-than-expected as a result of the continued deterioration in market conditions within the steel industry, including weaker customer demand, production rates, and pricing across all of Nucor's product lines," said Standard & Poor's credit analyst Marie Shmaruk.
In addition, the lower production levels have slowed the rate at which the company's mills are consuming higher cost pig iron inventories, which Nucor purchased before the cyclical downturn. Consequently, the company now expects to post an earnings loss for the first quarter and is operating at utilization rates around 43% compared to 48% during the fourth quarter of 2008.
Because of the expected earnings decline, combined with our expectation
of continued economic and market weakness throughout 2009, we have become more concerned that Nucor's credit metrics could deteriorate to levels that we would no longer deem to be appropriate for the current rating. We expect that debt to EBITDA could go above 2x and funds from operations to total debt to be under 45%.
In resolving the CreditWatch listing, we will meet with management and
evaluate its operating and financial strategies in light of the ongoing
challenging operating environment. The company's ability to adjust its
operations to maintain profitability and its cash-generating ability will be
key components of our review in light of the continuing weak markets.
However, given the company's good market positions, flexible cost structure, relatively modest debt levels, and strong liquidity, we would likely limit a downgrade to one notch.
