Charles Bradford
Charles Bradford
came cost higher metal prices prior problems shows
Metal prices really came through and they didn't have any of the cost problems they had in prior quarters. It shows what higher metal prices can do.
costs higher market means money prices scrap strong
You would think that with their costs going up and prices going up, you wouldn't make much more money or would do a little worse, ... But in reality, there has been a very, very strong correlation: The higher the scrap goes, the more money they make. It just means the market is better overall.
There are a lot more (deals) to do.
below guidance quarter second steel strongest though
The (second-quarter) guidance was not very strong, below first-quarter numbers, even though the second quarter is historically the strongest for steel companies, especially mini-mills.
customers lose matter strike
It doesn't matter if it's a strike or lockout, if you don't have the product, they could lose customers long term.
close earnings expect reported
We now expect second-quarter earnings to be very close to that reported to the first quarter.
anybody cap contracts left steel
If AK Steel can't get a competitive contract, I don't think anybody would want them. They're the only ones left with an old-style contract. ... All contracts now cap liabilities.
came companies goes good list north price sell
I came up with a list of 20 North American companies that could be had. They are not necessarily for sale, but a lot will sell if the price goes up. A lot have warts, but there are some good ones, too.
best companies histories industry last prior quarter terrible third year
Last year's third quarter was the best the industry ever had. There were companies who made as much in a year in their prior histories as they made that quarter, ... This is going to be a - terrible third quarter.
buy china last places
China may be one of the last places where you can buy things on the cheap.
bid following raised seeing steel
I can't recall, in the 40 years I've been following the steel industry, ever seeing a bid that was raised after already winning.
expect prices steel
Expect steel prices to go up by $30 or $35 (US) imminently.
reflects surprising
It's not surprising at all, because (Nucor) reflects the market.
clearly costs driving game metal price prices
It's the metal price that's clearly driving it. To some extent, costs are better, but metal prices are the game for an aluminum company.