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The Deep, Inner Meaning Of Bank of America's (BAC) TARP Repayment

Fri, 04 Dec 2009 14:19:07 GMT

As expected, Bank of America (BAC) will repurchase its $45 billion TARP preferreds, funded in part by an additional $18.8 billion in "common stock equivalents", $4.0 billion in asset sales, and $1.7 billion in restricted stock issued to employees in lieu of cash bonuses.[More...]

Forget Yesterday, It's All About Jobs

Fri, 04 Dec 2009 13:21:30 GMT

Good morning. Stocks tanked in the last half-hour on Thursday and while the major news outlets attributed the decline to either profit taking or some trepidation in front of this morning's big Jobs report, we'd like to offer a little more substantial reason for the 85 point dive on an otherwise subdued day of trading.[More...]

Fed Balance Sheet Declines By $15 Billion After Improbable Reduction In MBS, Excess Reserves, Monetary Base Hit Record

Fri, 04 Dec 2009 04:14:41 GMT

The Federal Reserve's balance sheet declined by $15 billion to $2,183 billion from the prior week, after the Fed presumably offloaded $2.7 billion in MBS: this is the first time since QE started that MBS holdings have declined. If anyone can tell us just who the idiots are who bought MBS from the Fed (and at what price), and who the even greater idiots are who are supposed to believe this, please send us an email.[More...]

China Will Continue To Drive The Global Economic Recovery In 2010

Thu, 03 Dec 2009 14:38:07 GMT

China isn’t just leading the global economic recovery – it’s lapping the field.[More...]

Interesting Stat: How Much Private Sector GDP Is From Construction And Real Estate?

Thu, 03 Dec 2009 13:15:56 GMT

Back in June, we discussed commercial real estate at length following attendance at a large real estate conference in NYC. Our tone was cautious and one question we wondered about was the percentage of GDP that real estate represents. We actually came across the answer back in August and meant to share then, but didn't get to it. Since the question/topic remains highly relevant to considering the potential negative economic drag from depressed real estate activity, we're sharing now -- the following table is from an 8/28/09 NYTs article, "Construction That Fueled Growth in the Sun Belt Slows":[More...]

Credit Market Overview: Dec 3, 2009

Thu, 03 Dec 2009 12:59:02 GMT

The credit crunch crisis of confidence which we appear to be crawling out of even though the debt and equity markets catapulted themselves higher earlier this year could be similarly argued to be a crisis that started in the credit markets which crunched confidence around the world as it could a collapse in confidence in the value of the securities investors held which corrupted the credit markets causing them to cease funding.[More...]

Grab Some Northern Exposure With EWC

Wed, 02 Dec 2009 21:39:42 GMT

Emerging markets are captivating investors again, but tidy profits aren’t always far away. Placing your bets on well-established global markets can also prove rewarding. That's why we're looking at Canada.[More...]

Unemployment Struggling To Turn A Corner As Job Losses Mount In November

Wed, 02 Dec 2009 21:20:20 GMT

U.S. job losses in the private sector slowed in November but still exceeded economists’ projections, a report by payroll-processing firm Automatic Data Processing (Nasdaq: ADP) indicated yesterday (Wednesday).[More...]

Why Barrick Closed Their Gold Hedge

Wed, 02 Dec 2009 19:15:14 GMT

It sure looks like gold is going to close above $1,200 an ounce today in New York. And large open market purchases from central banks in China, India and Russia are only helping the price surge more. (Just one year ago, some of these same central banks were actually selling gold in an attempt to fill an annual 10,000-ton supply gap.)[More...]

How To Profit From The 'Next' Dubai

Wed, 02 Dec 2009 13:51:42 GMT

The Dubai World default is a matter of only $60 billion – mere peanuts when compared to other elements of the global financial crisis. It’s thus of concern only to those silly enough to invest in real estate there (and the European banks foolish enough to finance it.) For the rest of us, it is a useful reminder that sudden collapses don’t really come out of nowhere – they can be foreseen, and smart investors can plan for them.[More...]

Gerdau Ameristeel Announces 2009 Third Quarter Results

Thu, 05 Nov 2009 11:47:00 GMT

TAMPA, FL, Nov. 5 /CNW/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) today reported a net loss of $25.4 million ($0.06 per share fully diluted) for the three months ended September 30, 2009, in comparison to net income of $316.9 million ($0.73 per share fully diluted) for the three months ended September 30, 2008.
Included in these results is a $78.5 million pre-tax charge related to actions announced earlier this year to stop production at certain of the Company's steel mills and a pre-tax charge of $11.9 million related to the early extinguishment of certain debt obligations.
Excluding these charges, the Non-GAAP Adjusted Net Income was $33.5 million ($0.08 per share fully diluted).

[More...]

Gerdau Ameristeel Reports Early Adoption of International Financial Reporting Standards for the Year Commencing January 1, 2009

Tue, 22 Sep 2009 23:47:00 GMT

TAMPA, FL, Sept. 22 /CNW/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) (the "Company") is pleased to announce that on September 15, 2009, the Ontario Securities Commission (the "OSC") granted approval for the Company to adopt International Financial Reporting Standards ("IFRS") with an adoption date of January 1, 2009 and a transition date of January 1, 2008.
The Company believes that the adoption of IFRS is in the best interests of the Company and the users of its financial information because the adoption of IFRS will align the bases of accounting under which the Company and its majority shareholder, Gerdau S.A., prepare their financial statements and increase the comparability of the Company's financial statements to those of a number of global issuers, including competitors within the steel industry, who already prepare, or will soon be required to prepare, financial statements in accordance with IFRS.
The following discussion provides further information about the Company's conversion to IFRS.

[More...]

Gerdau Steel Plant Workers Must Choose Between Severance, Hiring Rights

Fri, 28 Aug 2009 23:48:00 GMT

Aug. 28--Gerdau Ameristeel's union workers in Sand Springs will have to choose between a severance package and their jobs if the company decides to idle the plant for two years.
The company and the local chapter of the United Steelworkers union agreed Thursday night that workers who request a severance will forfeit their recall rights, or the guarantee of being rehired if the mill reopens, Gerdau spokesman Phil Bell said.
Gerdau Ameristeel is weighing the option of idling the plant for two years to make upgrades or closing it entirely due to lower demand for steel and a drop in prices.

[More...]

Analyst Picks and Pans: Google, Steel Stocks

Mon, 20 Jul 2009 14:53:00 GMT

After the close of trading July 16, Google Inc. posted second-quarter revenue growth of 5% -- a stark contrast from recent quarters with growth rates of 30% or more.
Adjusted profit of $5.36 per share topped the average estimate of $5.09 per share among analysts polled by Thomson Reuters.
Keith Hughes, an analyst with SunTrust Robinson Humphrey, said July 17 the company's results were better than expected

[More...]

State OKs Disputed Alliant Efficiency Plan

Sat, 27 Jun 2009 14:46:00 GMT

Jun. 27--State regulators Thursday approved Interstate Power and Light's five-year energy efficiency plan, citing a weak economy and rising electric rates as it rejected calls for higher efficiency goals.
The Iowa Utilities Board approved a settlement between the utility and several intervenors in the case.
Participating in the settlement were the Iowa Office of Consumer Advocate, the Environmental Coalition and the Community Coalition.

[More...]

Gerdau Ameristeel Announces Suspension of Production and Mill Closure

Mon, 08 Jun 2009 21:48:00 GMT

TAMPA, FL, June 8 /CNW/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) announced today that it is suspending production at its Sayreville, New Jersey steel mill and closing its rolling mill in neighboring Perth Amboy, New Jersey due to lower demand for its products resulting from the downturn in the economy.
The company is also entering into discussions with the United Steel Workers regarding the potential closure of the Company's steel mill located in Sand Springs, Oklahoma.
Mario Longhi, President and CEO of Gerdau Ameristeel commented: "This was a very difficult decision that came after careful analysis and review of the marketplace, our production capabilities, and the most cost effective alternatives to meet the current and future needs of our customers throughout North America during this unprecedented economic downturn.

[More...]

Steel Workers Facing Layoffs

Tue, 05 May 2009 14:32:00 GMT

May 5--DINWIDDIE -- The parent company of the former Chaparral Steel Co. mill confirmed Monday that it is laying off employees at its locations in the United States and Canada, but declined to give specific information about the effect on their local operation.
Gerdau Ameristeel Corp., based in Toronto, acquired the "mini-mill" in Dinwiddie County as part of its $4.22 billion buyout of Chaparral in 2007.
Gerdau, which has its U.S. headquarters in Tampa, Fla., referred questions about the layoffs to its public relations firm, Burson-Marsteller.

[More...]

Rebuilding Lives

Sun, 26 Apr 2009 14:08:00 GMT

Apr. 26--PETERSBURG -- With temperatures soaring into the 90s, volunteers invested some true sweat equity in a dozen homes this weekend.
It was part of Rebuilding Together * Petersburg's 15th annual Rebuilding Days event, a two-weekend affair that started April 18.
Each year, the nonprofit picks a neighborhood in the city and sends volunteers door-to-door to find homeowners who could use help making their houses more livable, said Beth Kirby, Rebuilding Together * Petersburg's executive director.

[More...]

Jobless Rate Hits 25-Year High in Minnesota: The State Lost 13,300 Jobs Last Month, Fewer Than the 18,500 Lost in January, but the Jobless Rate Was 8.1%.

Fri, 20 Mar 2009 02:58:00 GMT

Mar. 20--Minnesota's unemployment rate jumped to 8.1 percent in February, the highest rate in 25 years.
Employers in the state shed 13,300 jobs last month, according to figures released Thursday by the Minnesota Department of Employment and Economic Development (DEED).
DEED Commissioner Dan McElroy pointed out that the pace of job losses in Minnesota is slowing but noted that Minnesota and the country are now shedding jobs at nearly the same rate.

[More...]

Ameristeel Swings to 4Q Loss

Thu, 19 Feb 2009 20:49:00 GMT

Feb. 19--International steelmaker Gerdau Ameristeel, which has a mill operation in Knoxville, said today it lost $1.3 billion, or $2.97 per diluted share for the fourth quarter of 2008, compared to a profit of $141.4 million, or $1.65 per diluted share, in the fourth quarter of 2007.
The loss for the quarter ended Dec. 31, 2008 includes a non-cash goodwill impairment charge of $1.2 billion.
For the year ended, Dec. 31, 2008, the company posted a loss of $542 million, compared to a profit of $538 million in 2007.

[More...]

Gerdau Ameristeel Announces Completion of 10 3/8% Senior Notes Redemption

Mon, 31 Aug 2009 20:05:00 GMT

TAMPA, FL, Aug. 31 /CNW/ - Gerdau Ameristeel Corporation (the "Company") (NYSE: GNA; TSX: GNA) today announced that it has completed the previously announced redemption of its $405 million 10 3/8% Senior Notes due 2011 (the "Notes") at a redemption price in the amount of $417,626,662, representing 101.792% of the outstanding principal amount plus accrued interest to the redemption date (the "Redemption Price"). The Redemption Price was paid entirely with cash and the Notes were paid in full and are no longer outstanding.[More...]

Gerdau Ameristeel Reaches Idling Agreement With the USW at the Company's Sand Springs Mill

Fri, 28 Aug 2009 13:49:00 GMT

TAMPA, FL, Aug. 28 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) announced today that it has reached agreement with the United Steel Workers (USW) regarding the suspension of production at the Company's steel mill located in Sand Springs, Oklahoma.
In connection with this action, the Company expects to incur an accounting charge within the range it announced on August 6, 2009.
Service to Gerdau Ameristeel customers will be uninterrupted and will be provided by the company's extensive network of mills in North America.

[More...]

Gerdau Ameristeel Announces 2009 Second Quarter Results

Thu, 06 Aug 2009 12:30:00 GMT

TAMPA, FL, Aug. 6 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation today reported a net loss of $57.6 million for the three months ended June 30, 2009, in comparison to net income of $262.1 million for the three months ended June 30, 2008. Included in these results is a $36.5 million pre-tax non-cash charge related to actions announced in early June to close or suspend production at certain of the Company's steel mills. Excluding these charges, the Non-GAAP Adjusted Net Loss was $30.7 million .[More...]

StreetInvesting.Com Free Research on AGN, DAL, CYH, GNA, JBL and DT

Tue, 04 Aug 2009 15:08:00 GMT

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[More...]

Notice of Gerdau Ameristeel 2009 second quarter conference call

Mon, 20 Jul 2009 19:56:00 GMT

- 2009 second quarter results to be released before markets open on Thursday, August 6, 2009 -[More...]

Gerdau Ameristeel Announces Intention to Redeem Its 10 3/8% Senior Notes Due at 2011

Fri, 17 Jul 2009 21:54:00 GMT

TAMPA, FL, July 17 /PRNewswire-FirstCall/ -- Gerdau Ameristeel Corporation (the "Company") (NYSE: GNA; TSX: GNA) today announced its intentions to fully redeem its $405 million 10 3/8% Senior Notes due 2011 on August 31, 2009.
The Company intends to fund the Redemption Price with cash.
Upon payment of the Redemption Price on the Redemption Date, all of the Company's 10 3/8% Senior Notes due 2011 will have been paid in full.

[More...]

Gerdau Ameristeel Announces Amendment of Term Loan

Mon, 22 Jun 2009 13:21:00 GMT

TAMPA, FL, June 22 /CNW/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) today announced that it has entered into an agreement with the lenders of the Company's Term Loan Facility which provides temporary flexibility with respect to the facility's covenants. The Term Loan Facility currently has US$ 2.6 billion of borrowings outstanding and Gerdau S.A. and certain of its Brazilian affiliates have guaranteed the Term Loan Facility since its inception in 2007.[More...]