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Steel works, blast furnaces & rolling & finishing mills company · OH · FY ends May · Revenue $1.33B · 1.71% margin · $164M FCF
The business is unprofitable at the operating level (-0.93% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 7.4% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 23% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$1.33B
▼ -7.4% YoY
Net Income (TTM)
$112M
▼ -13.2% YoY
Op. Margin
1.71%
▲ +5.0pp YoY
ROIC
1.37%
▲ +2.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$164M
▼ -22.9% YoY
Op. Cash Flow (TTM)
$217M
▼ -27.7% YoY
Net Debt
$352M
Cash & Equiv.
$6M
5Y CAGR: -17.7%
5Y CAGR: -8.0%
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