Gerdau Ameristeel Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net loss attributable to company was $25,366,000 or 0.06 diluted loss per share on net sales of $1,146,134,000 compared to net income of $316,898,000 or $0.73 diluted earnings per share on net sales of $2,514,412,000 for the same period a year ago. Income from operations was $14,040,000 and loss before income taxes was $46,220,000 compared to income from operations of $498,691,000 and income before income taxes was $481,901,000 for the same period a year ago. Net cash provided by operating activities was $97,813,000 and capital spend in purchase of property, plant and equipment was $11,894,000 compared to net cash provided by operating activities of $107,956,000 and capital spend in purchase of property, plant and equipment was $47,339,000 for the same period a year ago. Excluding these charges, the Non-GAAP adjusted Net Income was $33.5 million or $0.08 per share fully diluted. EBITDA was $163.0 million, compared to EBITDA of $581.4 million for the three months ended September 30, 2008. For the nine months, the company reported net loss attributable to company was $115,618,000 or 0.27 diluted loss per share on net sales of $3,219,797,000 compared to net income of $1,136,396,000 or $1.71 diluted earnings per share on net sales of $7,091,884,000 for the same period a year ago. Loss from operations was $47,636,000 and loss before income taxes was $212,526,000 compared to income from operations of $1,211,905,000 and income before income taxes was $1,136,396,000 for the same period a year ago. Net cash provided by operating activities was $615,012,000 and capital spend in purchase of property, plant and equipment was $70,994,000 compared to net cash provided by operating activities of $270,944,000 and capital spend in purchase of property, plant and equipment was $113,049,000 for the same period a year ago. The Non-GAAP adjusted net loss, excluding the charges, was $30.0 million or $0.07 per share fully diluted. EBITDA was $276.4 million compared to EBITDA of $1.5 billion for the nine months ended September 30, 2008.

Gerdau Ameristeel Corp., Q3 2009 Earnings Call, Nov-05 2009

Gerdau Ameristeel Corp. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported under US GAAP net loss of $57 million. For the six months, the company reported under US GAAP net loss of $91 million. The company reported impairment of goodwill of $275 million for the quarter ended June 30, 2009.