<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 10-Q
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended June 30, 1999
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File
No. 1-5210
AMERISTEEL CORPORATION
Incorporated in
State of Florida
Employer Identification
No. 59-0792436
5100 W. Lemon Street
Tampa, Florida 33609
Mailing Address:
P. O. Box 31328
Tampa, Florida 33631-3328
Telephone No. (813)286-8383
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No___
---
As of July 31, 1999 the registrant had 10,544,059 shares $.01 par value common
stock outstanding.
<PAGE>
PART I -- FINANCIAL INFORMATION
-------------------------------
ITEM I. FINANCIAL STATEMENTS
AMERISTEEL CORPORATION CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
($ in thousands)
<TABLE>
<CAPTION>
June 30. March 31,
1999 1999
(Unaudited)
----------- ---------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 4,161 $ 3,219
Accounts receivable, less allowance of $1,050
and $1,000 at June 30 and March 31, 1999
respectively, for estimated losses 87,859 71,516
Inventories 116,910 121,818
Deferred tax assets 5,100 5,100
Other current assets 2,475 2,074
--------- --------
TOTAL CURRENT ASSETS 216,505 203,727
ASSETS HELD FOR SALE 13,618 13,618
PROPERTY, PLANT AND EQUIPMENT
Land and improvements 16,509 16,173
Building and improvements 40,179 39,007
Machinery and equipment 271,001 269,864
Construction in progress 27,822 18,523
IRB restricted cash 1,476 1,476
--------- --------
356,987 345,043
Less allowances for depreciation (103,011) (97,731)
--------- --------
NET PROPERTY, PLANT AND EQUIPMENT 253,976 247,312
GOODWILL 84,148 77,513
DEFERRED FINANCING COSTS 3,386 3,495
OTHER ASSETS 81 118
--------- --------
TOTAL ASSETS $ 571,714 $545,783
========= ========
</TABLE>
See notes to consolidated financial statements
2
<PAGE>
AMERISTEEL CORPORATION CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION -- continued
($ in thousands)
<TABLE>
<CAPTION>
June 30. March 31,
1999 1999
(Unaudited)
----------- -----------
<S> <C> <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $ 47,881 $ 41,486
Salaries, wages and employee benefits 15,881 19,036
Environmental remediation 4,278 5,226
Other current liabilities 11,866 4,268
Interest payable 3,054 5,558
Current maturities of long-term borrowings 3,524 3,333
----------- -----------
TOTAL CURRENT LIABILITIES 86,484 78,907
LONG-TERM BORROWINGS, LESS CURRENT PORTION 198,958 191,418
OTHER LIABILITIES 22,166 21,815
DEFERRED TAX LIABILITIES 48,500 48,500
SHAREHOLDERS' EQUITY
Common stock, $.01 par value; 100,000,000 shares authorized
at June 30, and March 31, 1999. No shares issued and
outstanding at June30, and March 31, 1999. - -
Class B Common Stock, $.01 par value, 22,000,000 shares authorized
at June 30 and March 31, 1999. 10,544,297 and 10,553,263 shares
issued and outstanding at June 30, and March 31, 1999, respectively. 105 106
Capital in excess of par 166,749 166,950
Retained earnings 48,999 38,552
Deferred compensation (247) (465)
----------- -----------
TOTAL SHAREHOLDERS' EQUITY 215,606 205,143
----------- -----------
TOTAL LIABILITIES AND SHAREHODLERS' EQUITY $ 571,714 $ 545,783
=========== ===========
</TABLE>
See notes to consolidated financial statements
3
<PAGE>
AMERISTEEL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
($ in thousands except per share data)
<TABLE>
<CAPTION>
Three Months Ended
June 30. June 30.
1999 1998
(Unaudited) (Unaudited)
----------- -----------
<S> <C> <C>
NET SALES $ 187,240 $ 189,403
--------- ---------
Operating Expenses:
Cost of sales, excluding depreciation 148,004 153,991
Selling and administrative 10,552 8,812
Depreciation 5,637 5,588
Amortization of goodwill 1,084 1,033
Other operating income (net) (11) -
--------- ---------
165,266 169,424
--------- ---------
INCOME FROM OPERATIONS 21,974 19,979
--------- ---------
Other Expenses:
Interest 3,729 5,003
Amortization of deferred financing costs 111 131
--------- ---------
3,840 5,134
--------- ---------
INCOME BEFORE INCOME TAXES
AND EXTRAORDINARY ITEM 18,134 14,845
Income taxes 7,687 6,193
--------- ---------
INCOME BEFORE EXTRAORDINARY ITEM 10,447 8,652
EXTRAORDINARY ITEM NET OF TAXES - (2,073)
--------- ---------
NET INCOME $ 10,447 $ 6,579
========= =========
EARNINGS PER COMMON SHARE - BASIC
Income before extraordinary item $ .99 $ .82
Extraordinary item - (.20)
--------- ---------
Net income $ .99 $ .62
========= =========
EARNINGS PER COMMON SHARE - DILUTED
Income before extraordinary item $ .98 $ .81
Extraordinary item - (.19)
--------- ---------
Net income $ .98 $ .62
========= =========
Weighted average number of common shares outstanding 10,550 10,566
========= =========
Weighted average number of common and common
equivalent shares outstanding 10,635 10,681
========= =========
</TABLE>
See notes to consolidated financial statements
4
<PAGE>
AMERISTEEL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in thousands)
<TABLE>
<CAPTION>
Three Months Ended
June 30. June 30.
1999 1998
(Unaudited) (Unaudited)
----------- -----------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 10,447 $ 6,579
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation and amortization 6,832 6,752
Extraordinary item - 3,398
Other 217 284
Changes in operating assets and liabilities:
Accounts receivable, net (16,343) (3,506)
Inventories 12,199 5,364
Other assets (310) 198
Current and other liabilities 7,737 (2,502)
--------- ---------
NET CASH PROVIDED BY OPERATING ACTIVITIES 20,779 16,567
--------- ---------
INVESTING ACTIVITIES
Additions to property, plant and equipment (9,713) (3,851)
Asset acquisition (17,663) -
Proceeds from sales of property, plant and equipment 22 37
Proceeds from sale of assets held for sale - 40
Use of restricted IRB funds (12) (30)
--------- ---------
NET CASH USED IN INVESTING ACTIVITIES (27,366) (3,804)
--------- ---------
FINANCING ACTIVITIES
Proceeds from issuance of Senior Notes - 130,000
Proceeds from Tennessee Valley Authority loan 1,500 -
Proceeds from (payments to) short-term and
long-term borrowings, net 6,231 (41,459)
Redemption of First Mortgage Notes - (100,000)
Call premium on redemption of First Mortgage Notes - (1,916)
Additions to deferred financing costs - (3)
Proceeds from sale of common stock 72 27
Redemption of common stock (274) (172)
--------- ---------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 7,529 (13,523)
--------- ---------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 942 (760)
Cash and cash equivalents at beginning of period 3,219 1,258
--------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 4,161 $ 498
========= =========
</TABLE>
5
<PAGE>
AMERISTEEL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE A - BASIS OF PRESENTATION
The consolidated financial statements include the accounts of AmeriSteel
Corporation, a Florida corporation and its wholly owned subsidiary (AmeriSteel
Finance Corporation, a Delaware corporation) (together, the "Company") after
elimination of all significant intercompany balances and transactions. As of
April 1, 1996, the Company changed its name from Florida Steel Corporation
(which it had used since 1956) to AmeriSteel Corporation. The predecessor of the
Company was formed in 1937. The Company is a majority-owned subsidiary of FLS
Holdings, Inc. (the "Parent").
The accompanying unaudited condensed financial statements have been prepared in
accordance with the instructions for Form 10-Q and, therefore, do not include
all the information or footnotes necessary for a complete presentation of
financial condition, results of operations and cash flows in conformity with
generally accepted accounting principles. However all adjustments which, in the
opinion of management are necessary for a fair presentation, have been included.
Such adjustments consisted of only normally recurring items.
It is suggested that these condensed financial statements be read in conjunction
with the financial statements and the notes thereto included in the Company's
latest annual report on Form 10-K. The results of the three months ended June
30, 1999 are not necessarily indicative of the results to be expected for the
fiscal year ending March 31, 2000.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Earnings per Common Share: Basic earnings per common share is based upon the
weighted average number of common shares outstanding during the period and the
diluted earnings per common share is based upon the weighted average number of
common shares plus the dilutive common equivalent shares outstanding during the
period. The following is a reconciliation of the basic and diluted earnings per
common share computations shown on the face of the accompanying consolidated
statements of income (in thousands, except per share data):
Three Months Ended
June 30,
1999 1998
(unaudited) (unaudited)
----------- -----------
Income before extraordinary item $ 10,447 $ 8,652
Extraordinary item - (2,073)
-------- --------
Net income $ 10,447 $ 6,579
Weighted average number of common shares
outstanding (in thousands) 10,550 10,566
Dilutive effect of stock option plan (in thousands) 85 115
-------- --------
Weighted average number of common and common
equivalent shares outstanding (in thousands) 10,635 10,681
Basic EPS:
Income before extraordinary item $ .99 $ .82
Extraordinary item - (.20)
-------- --------
Net income $ .99 $ .62
======== ========
Diluted EPS:
Income before extraordinary item $ .98 $ .81
Extraordinary item - (.19)
-------- --------
Net income $ .98 $ .62
======== ========
Reclassifications: Certain amounts in the prior period financial statements
- -----------------
have been reclassified to conform to the current fiscal financial statement
presentation.
NOTE C - INVENTORIES
Inventories consist of the following:
($ in thousands)
<TABLE>
<CAPTION>
June 30, March 31,
1999 1999
(Unaudited)
------------ --------------
<S> <C> <C>
Finished goods $ 64,136 $ 72,688
Work in-process 20,530 16,565
Raw materials and operating supplies 32,244 32,565
------------ --------------
$ 116,910 $ 121,818
------------ --------------
</TABLE>
6
<PAGE>
AMERISTEEL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE D - BORROWINGS
Long-term borrowings consist of the following:
($ in thousands)
<TABLE>
<CAPTION>
June 30, March 31,
1999 1999
-------------- --------------
<S> <C> <C>
Revolving Credit Agreement $ 19,921 $ 13,690
Industrial Revenue Bonds 34,395 34,395
Senior Notes 130,000 130,000
Subordinated Intercompany Note 16,666 16,666
TVA Loan 1,500
----------- ------------
Total Borrowings 202,482 194,751
Less Current Maturities 3,524 3,333
----------- ------------
Total long-term borrowings $ 198,958 $ 191,418
----------- ------------
</TABLE>
The TVA Loan represents a $1.5 million note payable to the Tennessee Valley
Authority that amortizes over seven years and is secured by certain equipment at
the Knoxville mill.
NOTE E - ENVIRONMENTAL MATTERS
As the Company is involved in the manufacture of steel, it produces and uses
certain substances that may pose environmental hazards. The principal hazardous
waste generated by current and past operations is emission control dust (EC
dust), a residual from the production of steel in electric arc furnaces.
Environmental legislation and regulation at both the federal and state level
over EC dust is subject to change, which may change the cost of compliance.
While EC dust is generated in current production processes, such EC dust is
being collected, handled and disposed of in a manner which management believes
meets all current federal and state environmental regulations. The costs of such
collection and disposal are being expensed and paid currently from operations.
In addition, the Company has handled and disposed of EC dust in other manners in
previous years, and is responsible for the remediation of certain sites where
such EC dust was generated and/or disposed.
In general, the Company's estimate of the remediation costs is based on its
review of each site and the nature of the anticipated remediation activities to
be undertaken. The Company's process for estimating such remediation costs
includes determining for each site the expected remediation methods, and the
estimated cost for each step of the remediation. In all such determinations, the
Company employs outside consultants, and providers of such remedial services
where necessary, to assist in making such determinations. Although the ultimate
costs associated with the remediation are not presently known, the Company has
estimated the total remaining costs to be approximately $8.0 million with these
costs recorded as a liability as of June 30, 1999. Of this amount, the Company
expects to pay approximately $4.3 million within one year. The timing of the
remaining future payments is uncertain due to the various remediation processes
involved.
The Tampa mill site contains slag and soil that is contaminated with EC dust and
polychlorinated biphenyl ("PCBs") generated by past operations. The volume and
mass estimates of the contamination is based on analytical data from soil
borings, soil samples and groundwater-monitoring wells. The remediation approach
selected by the Company, excavation and on-site treatment and disposal, was
approved, and a permit issued, by the U.S. Environmental Protection Agency
during
7
<PAGE>
AMERISTEEL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE E - ENVIRONMENTAL MATTERS - continued
fiscal 1996 and by the Florida Department of Environmental Protection during
fiscal 1998 and the Company received a signed Consent Order in fiscal 1998.
Consequently, the remediation work has begun. The remediation cost estimates are
based on the Company's previous experience with comparable projects as well as
estimates provided by outside environmental consultants. The Company is
responsible for the total remediation costs and currently estimates the
remaining costs to be approximately $4.9 million for this site. The Company
expects cleanup at this site to be substantially completed during fiscal 2001.
At the Jackson, Tennessee mill and two third party locations in Utah, EC dust
and other materials contaminated with Cesium 137, a man-made, radioactive
material (incident-related material), were formerly stored in containers on
these sites. The treatment, transport and disposal of these materials was based
on the final Nuclear Regulatory Commission "Technical Position," dated March 20,
1997. The remediation cost estimate was based on a signed contract for
treatment, transportation and disposal. Final disposition of the contaminated
materials was substantially completed during fiscal 1999. The Company estimates
the remaining costs to be approximately $.2 million for these sites.
The Sogreen site, a third party site, contains EC dust from the Company that was
stored at this recycling location. The Company has been named as a potentially
responsible party (PRP) for this site, and thus its estimated share of the
remediation costs is approximately 43% (based on analytical data from soil
borings and samples) of the total estimated remediation cost of approximately
$4.3 million. The estimate includes the cost of soil remediation and groundwater
remediation based on an approach approved by the Georgia Environmental
Protection Division. If the other PRPs were not to fulfill their obligations,
the Company's management believes that the impact of additional future costs
attributable to the Sogreen site on the Company's results of operations,
financial condition and liquidity, would not be significant. The cleanup at this
site was substantially completed during fiscal 1999. The Company currently
estimates its remaining obligation to be approximately $.1 million.
The Stoller site, a third party site, contained metals from other PRPs and EC
dust from the Company that was stored at this recycling location. The Company
was named as a PRP for this site. Outside contractors measured the remediation
volumes and masses during the now complete cleanup. On-site treatment, disposal
and construction of the vault cap were completed by the PRPs under a consent
order with the State of South Carolina. The soil cleanup at this site was
completed during fiscal 1999. A Settlement Agreement was lodged by the State of
South Carolina with the Federal Court in 1997. That Agreement contains an
allocation which attributes approximately 2% of the remaining estimated $10
million groundwater remediation cost to the Company. The non-participating PRPs
have intervened in the pending court proceedings to contest approval of the
Agreement.
Based on past use of certain technologies and remediation methods by third
parties, evaluation of those technologies and methods by the Company's
consultants and quotations and third-party estimates of costs of
remediation-related services provided to the Company or which the Company and
its consultants are aware, the Company and its consultants believe that the
Company's cost estimates are reasonable. In light of the uncertainties inherent
in determining the costs associated with the clean-up of such contamination,
including the time periods over which such costs must be paid, the extent of
contribution by parties which are jointly and severally liable, and the nature
and timing of payments to be made under cost sharing arrangements, there can be
no assurance the ultimate costs of remediation may not be greater or less than
the estimated remediation costs.
8
<PAGE>
AMERISTEEL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION
Factors That May Affect Operating Results
- -----------------------------------------
This report contains certain forward-looking statements that are based on the
beliefs of the Company's management, as well as assumptions made by, and
information currently available to, the Company's management. Such statements
include, among others, (i) the highly cyclical nature and seasonality of the
steel industry, (ii) the fluctuations in the cost and availability of raw
materials, (iii) the possibility of excess production capacity, (iv) the
potential costs of environmental compliance, (v) the risks associated with
potential acquisitions, (vi) further opportunities for industry consolidation,
(vii) the impact of inflation and (viii) the fluctuations in the cost of
electricity. Because such statements involve risks and uncertainties, actual
actions and strategies and the timing and expected results thereof may differ
materially from those expressed or implied by such forward-looking statements.
The following presentation of management's discussion and analysis of the
Company's financial condition and results of operations should be read in
conjunction with the Company's Annual Report on Form 10-K as filed with the
Securities and Exchange Commission.
General
The results of operations of the Company are largely dependent on the level of
construction and general economic activity in the U.S. The Company's sales are
seasonal with sales in the Company's fiscal first and second quarters generally
stronger than the rest of the year. The Company's cost of sales includes the
cost of its primary raw material, steel scrap, the cost of converting scrap to
finished steel products, the cost of warehousing and handling finished steel
products and freight costs. The following table sets forth information regarding
recent results of operations.
9
<PAGE>
AMERISTEEL CORPORATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION - Continued
<TABLE>
<CAPTION>
Results of Operations (unaudited) Three Months Ended June 30,
---------------------------------
(in thousands, except per share data) 1999 1998
------------------ ------------------
<S> <C> <C>
Net sales $ 187,240 $ 189,403
Cost of sales 148,004 153,991
Cost of sales as percent of net sales 79.0% 81.3%
Selling and administrative 10,552 8,812
Depreciation 5,637 5,588
Amortization of goodwill 1,084 1,033
Other expense (income), net (11) -
------------- ------------
Income from operations 21,974 19,979
Interest expense 3,729 5,033
Deferred finance costs 111 131
------------- ------------
Income before income taxes
and extraordinary item 18,134 14,845
Income tax 7,687 6,193
------------- ------------
Income before extraordinary item 10,447 8,652
Extraordinary item net of taxes - (2,073)
------------- ------------
Net income $ 10,447 $ 6,579
------------- ------------
Shipped Tons
------------
Mill finished goods
Stock rebar 181 168
Merchant bar 177 174
Rods 24 18
------------- ------------
Subtotal mill finished goods 382 360
Fabricated rebar 116 95
Billets 30 26
------------- ------------
Total shipped tons 528 481
============= ============
Average Selling Prices ($ Per Ton)
---------------------------------
Mill finished goods
Stock rebar $ 274 $ 323
Merchant bar 326 384
Rods 279 332
------------- ------------
Average mill finished goods 297 352
Fabricated rebar 455 456
Billets 203 235
Average mill finished goods prices
(per ton) $ 297 $ 352
Average yielded scrap cost (per ton) 98 134
------------- ------------
Average metal spread (per ton) $ 199 $ 218
============= ============
Average mill conversion costs (per ton) $ 123 $ 129
============= ============
</TABLE>
10
<PAGE>
Net Sales: Lower prices for finished steel products reflect the impact of market
- ---------
competition from cheaply priced imports, however demand for the Company's
products remained strong. Lower selling prices resulted in an 11% reduction in
revenues partially offset by a 10% increase in sales tonnage.
Cost of Sales: Higher and more efficient production levels combined with lower
- -------------
scrap costs resulted in cost of sales declining from 81% of net sales in the
quarter ended June 30, 1998 to 79% of sales in the quarter ended June 30, 1999.
Selling and Administrative: Selling and administrative expenses for the quarter
- --------------------------
ended June 30, 1999 increased 19.7% over the same period last year due primarily
to: additional costs associated with the new fabricating operations in the
northeast (7%); increased professional fees (6%); increased bad debt provision
(3%); and increased payroll costs associated with incentives (3%).
Interest Expense: Interest expense declined from $5.0 million for the quarter
- ----------------
ending June 30, 1998 to $3.7 million for the quarter ending June 30, 1999 due to
lower debt levels and the debt refinancing in fiscal 1998 which lowered the
effective borrowing rate.
Liquidity and Capital Resources
- -------------------------------
The Company recently entered into a $1.5 million low interest rate loan with the
Tennessee Valley Authority, the "TVA Loan". The loan is secured by certain new
equipment at the Knoxville mill and amortizes over seven years.
Net cash provided by operating activities for the quarter ended June 30, 1999
was $20.7 million compared to $16.6 million for the same period last year. The
Company spent $17.7 million to purchase assets associated with its rebar
fabricating division in the northeast. The Company believes that the amounts
available from operating cash flows and funds available through its Revolving
Credit Agreement are sufficient to meet its expected cash needs and planned
capital expenditures for the foreseeable future. The Company continues to comply
with all of the covenants of its loan agreements.
YEAR 2000
- ---------
The Company is actively working to resolve issues relating to the Year 2000
issue and the effects it may have on its business systems. With complete support
of the Company's Board of Directors and executives, the Company has developed a
detailed plan to address the issue and is currently in the final phase of the
implementation of this plan. Through June 30, 1999 the Company has spent
approximately $2.7 million towards the purchase of network compatible computer
hardware and software and anticipates spending an additional $200 thousand to
complete the process. The conversion of the Company's financial systems has been
completed with core operational software conversion anticipated to be completed
during the second quarter of fiscal 2000.
The Company has prioritized its Year 2000 compliance issues as follows: safety
concerns, payroll requirements, production capabilities, collecting accounts
receivable and finally administrative matters. From a safety and production
standpoint, manufacturing equipment at all plants has been or is being reviewed
on an individual basis. This includes inspections and audits conducted by
equipment vendors. Corrective actions are being taken as needed. These include
manual resetting of stand-alone clocks, upgrading software, replacing
components, etc. Accounting systems have been modified or replaced to be year
2000 compliant. From a customer perspective, we are requesting information on
their individual statuses to assure product ordering and cash flow is not
materially disrupted, and for those vendors with electronic links to the
Company's systems, the integrity of the data links are not compromised. Vendors
of all types are being queried, verbally or in writing as deemed necessary, as
to their level of compliance. Unsatisfactory responses are being dealt with on a
case by case basis.
11
<PAGE>
The Company is confident that the negative consequences of the year 2000 issue
will not materially adversely effect the Company's performance. The most likely
worst case scenario is that short production slowdowns may occur, however during
downtime, routine and scheduled maintenance operations can be conducted. Year
2000 problems, if any, would be expected to occur during the winter months when
production is at normally low seasonal levels. The Company does not have any
formal contingency plan in place nor does it deem one necessary under the
circumstances.
PART II -- OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following documents are filed as exhibits to this Quarterly
Report on Form 10-Q:
Exhibit 27 Financial Data Schedule (for SEC use only)
(b) Reports on Form 8-K:
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMERISTEEL CORPORATION
Date: August 13, 1999 /s/ Phillip E. Casey
-----------------------------------------------
Phillip E. Casey, Chairman of the Board and
Chief Executive Officer
Date: August 13, 1999 /s/ Tom J. Landa
-----------------------------------------------
Tom J. Landa, Vice President, Chief Financial
Officer and Secretary (Principal Financial Officer
and Principal Accounting Officer); Director
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 4,161
<SECURITIES> 0
<RECEIVABLES> 87,859
<ALLOWANCES> 0
<INVENTORY> 116,910
<CURRENT-ASSETS> 216,505
<PP&E> 356,987
<DEPRECIATION> 103,011
<TOTAL-ASSETS> 571,714
<CURRENT-LIABILITIES> 86,484
<BONDS> 198,958
0
0
<COMMON> 105
<OTHER-SE> 215,501
<TOTAL-LIABILITY-AND-EQUITY> 571,714
<SALES> 187,240
<TOTAL-REVENUES> 187,240
<CGS> 153,641
<TOTAL-COSTS> 153,641
<OTHER-EXPENSES> (11)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,840
<INCOME-PRETAX> 18,134
<INCOME-TAX> 7,687
<INCOME-CONTINUING> 10,447
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,447
<EPS-BASIC> .99
<EPS-DILUTED> .98
</TABLE>
