NLMK USA Reports 63% Jump in Revenue in Q1

NLMK USA shipments rose to 430,000 metric tons in the first quarter of 2021, a 10% gain from the fourth quarter of 2020. Strong demand for hot rolled and hot-dipped galvanized coil by key customers benefited sales as did the end of the strike at NLMK Pennsylvania.

Revenue jumped 63% quarter over quarter to $403 million on record-high steel selling prices and shipment growth. EBITDA of $65 million was a 39% decrease from the fourth quarter. The decline was due to a higher base in Q4 as a result of a $97 million tariff settlement refund. Without the refund, comparable EBITDA was up six-fold due to expanding spreads and sale volume growth, the company said.