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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 12, 2000
LONE STAR TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-12881 75-2085454
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
15660 North Dallas Parkway
Suite 500
Dallas, Texas 75248
(Address, including zip code, of principal executive offices)
Registrant's telephone number, including area code: (972) 770-6401
Not applicable
(Former name or former address, if changed since last report)
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ITEM 9. REGULATION FD DISCLOSURE.
Certain officers of Lone Star Technologies, Inc. plan to present the
following materials, in the form of a slide show presentation and/or printed
brochure, to investment banking firms and prospective investors in various
presentations commencing December 12, 2000.
SLIDE 1
COVER SLIDE
"Lone Star Technologies, Inc."
SLIDE 2
MANAGEMENT
Rhys J. Best, Chairman, President and CEO
Charles J. Keszler, Vice President - Finance and Treasurer
SLIDE 3
COMPANY OVERVIEW
SLIDE 4
COMPANY OVERVIEW
- Leading manufacturer of premium oilfield products for
exploration, production and transmission
- Recent acquisition - Bellville Tube Corporation
- Leading manufacturer of specialty tubing products for the
power technology, automotive and fluid power industry
- Recent acquisition - Fintube
- Manufacturer and marketer of flat rolled steel
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Pie chart entitled "Revenue Contribution - Three Months Ended Sept. 30,
2000," which reflects that Oilfield Products contributed 57%, Specialty
Tubing contributed 32% and Flat Rolled Steel contributed 11% to Lone Star
Technologies' revenue for such quarter.
SLIDE 5
OILFIELD PRODUCTS
- Leading manufacturer of premium oil country tubular goods and
line pipe
- Premium steel tubular products used in the completion
and production of oil and gas wells
Casing - structural retainer wall in oil and
gas wellbores
Production tubing - transmits hydrocarbons
to the surface
- Line Pipe used in the gathering and transmission of
natural gas and oil
- Recent Acquisition: Bellville Tube Corporation
- Leading producer of production tubing and small
diameter casing
- Immediately accretive
SLIDE 6
OILFIELD PRODUCTS
Graphic representation of onshore drilling rig and offshore shallow water and
deep water drilling platforms.
SLIDE 7
LONE STAR/ALLIANCE TUBULAR SIZE RANGES
- Our tubular size ranges service nearly all typical drilling
applications
Graphic illustrates the following seven different tubular size ranges: 1)
60-20 inches, 2) 20-16 inches, 3) 16-10 3/4 inches, 4) 10 3/4 -8 5/8 inches,
5) 8 5/8 -4 1/2 inches, 6) 4 1/2 - 2 3/8 inches, and 7) 1 inch. The graphic
illustrates Lone Star/Alliance's broad range of tubular size service.
Texas Tubular's range is 8 5/8-4 1/2 inches.
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Bellville's range is 4 1/2-2 3/8 inches.
Tubocaribe & Tex-Tube's range is as follows: 1) 8 5/8-4 1/2 inches, and 2) 4
1/2-2 3/8 inches.
Rocky Mountain Steel's range is as follows: 1) 10 3/4-8 5/8 inches, and 2) 8
5/8-4 1/2 inches.
U.S. Steel McKeesport's range is as follows: 1) 20-16 inches, 2) 16-10 3/4
inches and 3) 10 3/4-8 5/8 inches.
Welspun's range is as follows: 1) 60-20 inches, and 2) 20-16 inches.
Lone Star Steel Company's range is as follows: 1) 16-10 3/4 inches, 2) 10 3/4
-8 5/8 inches, 3) 8 5/8 -4 1/2 inches, 4) 4 1/2 - 2 3/8 inches, and 5) 1 inch.
Lone Star/Alliance's range is as follows: 1) 60-20 inches, 2) 20-16 inches,
3) 16-10 3/4 inches, 4) 10 3/4 -8 5/8 inches, 5) 8 5/8 -4 1/2 inches, 6) 4
1/2 - 2 3/8 inches, and 7) 1 inch.
SLIDE 8
SPECIALTY TUBING PRODUCTs
- Finned Tubular Products
- Entered power technology markets with Fintube
acquisition
Largest specialty tubing manufacturer of
heat recovery finned tubulars
Products are used in gas-fired, combined
cycle, power generation and petrochemical
applications
Graphic illustrates a section of Fintube finned tube.
SLIDE 9
SPECIALTY TUBING PRODUCTS
- Finned Tubular Products
- Entered power technology markets with Fintube
acquisition
Largest specialty tubing manufacturer of
heat recovery finned tubulars
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Products are used in gas-fired, combined
cycle, power generation and petrochemical
applications
Graphic representation of heat recovery steam generation ("HRSG") power plant
using finned tubular products.
SLIDE 10
SPECIALTY TUBING PRODUCTS
- Precision Mechanical Tubulars
- High value-added, custom made products used in
various applications:
Automotive
Fluid power
Industrial
Two graphic representations of precision mechanical tubular products. One
graphic depicts a cluster of Lone Star Steel precision mechanical tubulars.
The second graphic depicts a hydraulic steam shovel in which precision
mechanical tubulars are used as component parts.
SLIDE 11
FLAT ROLLED STEEL AND OTHER PRODUCTS
- Primarily used in the manufacture of oil country tubular
goods, and other tubular products
- Lowers raw material cost
- Third-party revenues
Graphic representation of flat rolled steel.
SLIDE 12
COVER SLIDE
"Investment Highlights"
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SLIDE 13
INVESTMENT HIGHLIGHTS
- Strong Oilfield Industry Fundamentals
- Natural Gas Demand is Growing Faster Than Current
Exploration Supports
- Tight North American Natural Gas Market
- Increasing Drilling Permits
- More Rigs Drilling Deeper Wells Increases Tubular
Consumption
- Leading oilfield market position
- Fintube acquisition adds new high growth markets
- Technological leadership
- Substantial earnings potential
SLIDE 14
NATURAL GAS DEMAND IS GROWING. . .
- Natural gas demand is expected to increase 3% annually
- Electricity generation will create 47% of demand
growth
Bar graph entitled "Annual Demand" comparing the annual demand for year 2000
of 22 trillion cubic feet ("Tcf") with the expected annual demand for year
2010 of 29 Tcf.
Pie chart entitled "Demand Increase by Sector," reflecting demand increases
of the following amounts for the following sectors: 1) Electricity Generation
-47%; 2) Industrial - 23%; 3) Residential - 19%; and Commercial - 11%.
Slide 14 attributes the source of certain information contained in such slide
to the National Petroleum Council.
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SLIDE 15
. . .FASTER THAN CURRENT EXPLORATION SUPPORTS
Linear graph entitled, "Increasing Rig Count and Decreasing Gas Production,"
and subtitled, "2000 Production Maintenance - 715." Graph plots Daily
Production with respect to billions of cubic feet per day ("Bcf/d") and
Natural Gas Rig Count at the following amounts for the following dates:
01/94 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, 400 to 450
07/94 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, 400 to 450
01/95 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, 400 to 450
07/95 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, 350 to 400
01/96 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, approximately 400
07/96 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, 450 to 500
01/97 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, 450 to 500
07/97 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, 550 to 600
01/98 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, 600 to 650
07/98 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, approximately 550
01/99 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, 450 to 500
07/99 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, 450 to 500
01/00 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, 600 to 650
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07/00 Daily Production (Bcf/d), 50.0 to 55.0
Natural Gas Rig Count, 650 to 700
Linear graph entitled, "Capital Required for Expansion." The graph plots the
capital required for expansion, in billions of dollars, for the following
industries for the following years:
1999 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas Exploration and Production ("E&P") - approximately $30.0
2000 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - $30.0 to $40.0
2001 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - $30.0 to $40.0
2002 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - approximately $40.0
2003 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - approximately $40.0
2004 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - approximately $40.0
2005 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - approximately $40.0
2006 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - approximately $40.0
2007 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - $40.0 to $50.0
2008 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - $40.0 to $50.0
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2009 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - approximately $50.0
2010 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - $50.0 to $60.0
2011 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - approximately $50.0
2012 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - approximately $50.0
2013 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - approximately $50.0
2014 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - approximately $50.0
2015 Gas Distribution -approximately $6.0
Gas Transmission - approximately $4.0
Oil & Gas E&P - approximately $60.0
Slide 15 attributes the source of certain information contained in such slide to
the Energy Information Administration, Baker Hughes, Oil and Gas Journal and
National Petroleum Council.
SLIDE 16
TIGHT NORTH AMERICAN GAS MARKET
- Despite three abnormally warm winters, natural gas storage
stands at 1.5 Tcf, down 22% from a year ago.
- Many analysts predict it will be difficult to replace
storage in time for next winter
Bar graph and linear graph illustrating storage levels in Bcf and gas prices at
the following dates:
1/98 Storage Levels - 1500 to 2000
Gas Prices - $2.00 to $2.50
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3/98 Storage Levels - 1000 to 1500
Gas Prices - $2.00 to $2.50
5/98 Storage Levels - approximately 1500
Gas Prices - $2.00 to $2.50
7/98 Storage Levels - 2000 to 2500
Gas Prices - $2.00 to $2.50
9/98 Storage Levels -2500 to 3000
Gas Prices - $2.00 to $2.50
11/98 Storage Levels - 3000 to 3500
Gas Prices - approximately $2.50
1/99 Storage Levels - 2000 to 2500
Gas Prices - $1.50 to $2.00
3/99 Storage Levels- approximately 1500
Gas Prices - $1.50 to $2.00
5/99 Storage Levels - 1500 to 2000
Gas Prices - $2.00 to $2.50
7/99 Storage Levels - 2000 to 2500
Gas Prices - $2.00 to $2.50
9/99 Storage Levels - 2500 to 3000
Gas Prices - $2.50 to $3.00
11/99 Storage Levels- approximately 3000
Gas Prices - $2.50 to $3.00
1/00 Storage Levels - 2000 to 2500
Gas Prices - $2.00 to $2.50
3/00 Storage Levels - 1000 to 1500
Gas Prices - approximately $2.50
5/00 Storage Levels- 1000 to 1500
Gas Prices - approximately $3.00
6/00 Storage Levels - approximately 1500
Gas Prices - approximately $4.00
Slide 16 attributes the source of certain information contained in such slide to
the American Gas Association.
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SLIDE 17
INCREASING U.S. DRILLING PERMITS
- U.S. drilling permits have increased by 68% in the last twelve
months.
Linear and bar graph illustrating the following numbers of U.S. permits and the
U.S. rig count for each of the following dates:
4/97 U.S. Permits - approximately 2500
U.S. Rig Count - 900 to 1000
6/97 U.S. Permits - 2500 to 3000
U.S. Rig Count - approximately 1000
8/97 U.S. Permits - approximately 2500
U.S. Rig Count - 900 to 1000
10/97 U.S. Permits - 2000 to 2500
U.S. Rig Count - 1000 to 1100
12/97 U.S. Permits - approximately 2500
U.S. Rig Count - approximately 1000
2/98 U.S. Permits -2000 to 2500
U.S. Rig Count - approximately 1000
4/98 U.S. Permits - 2000 to 2500
U.S. Rig Count - 900 to 1000
6/98 U.S. Permits -2000 to 2500
U.S. Rig Count - 800 to 900
8/98 U.S. Permits - approximately 2000
U.S. Rig Count - approximately 800
10/98 U.S. Permits - 1500 to 2000
U.S. Rig Count - 700 to 800
12/98 U.S. Permits - approximately 2000
U.S. Rig Count - 600 to 700
2/99 U.S. Permits - 1500 to 2000
U.S. Rig Count - 500 to 600
4/99 U.S. Permits - 1500 to 2000
U.S. Rig Count - approximately 500
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6/99 U.S. Permits - 1500 to 2000
U.S. Rig Count - approximately 500
8/99 U.S. Permits - 2000 to 2500
U.S. Rig Count - 500 to 600
10/99 U.S. Permits - 2500 to 3000
U.S. Rig Count - approximately 700
12/99 U.S. Permits - 3000 to 3500
U.S. Rig Count - approximately 800
2/00 U.S. Permits - 2500 to 3000
U.S. Rig Count - 700 to 800
4/00 U.S. Permits -3500 to 4000
U.S. Rig Count - 700 to 800
5/00 U.S. Permits - 2500 to 3000
U.S. Rig Count - approximately 900
SLIDE 18
MORE RIGS DRILLING DEEPER WELLS
- 84% of all active U.S. rigs are currently drilling at levels
deeper than 8,000 feet
Bar graph illustrating the number of U.S. rigs currently drilling at levels
greater than 8000 feet for each of the following dates:
1/99 Number of Rigs - 500 to 600
2/99 Number of Rigs - 500 to 600
3/99 Number of Rigs - approximately 500
4/99 Number of Rigs - 400 to 500
5/99 Number of Rigs - 400 to 500
6/99 Number of Rigs - approximately 500
7/99 Number of Rigs - 500 to 600
8/99 Number of Rigs - 600 to 700
9/99 Number of Rigs - approximately 700
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10/99 Number of Rigs - 700 to 800
11/99 Number of Rigs - 700 to 800
12/99 Number of Rigs - 700 to 800
1/00 Number of Rigs - approximately 700
2/00 Number of Rigs - 700 to 800
3/00 Number of Rigs - 700 to 800
4/00 Number of Rigs - 700 to 800
5/00 Number of Rigs - 700 to 800
6/00 Number of Rigs - approximately 800
The graph also illustrates the following six month averages for the number of
U.S. rigs drilling at levels greater than 8000 feet in depth:
1/99 through 6/99 - 457
7/99 through 12/99 - 635
1/00 through 6/00 - 722
Slide 18 attributes the source of certain information contained in such slide to
Smith International.
SLIDE 19
WELL DEPTH INCREASES TUBULAR CONSUMPTION
Graphic illustrating the amount of tubular consumption as a function of well
depth. The graph shows the following three wells:
- An oil well drilled to a depth of 5000 feet, which consumes
800 feet of tubing ranging from 8 5/8 to 9 5/8 inches, 5000
feet of tubing ranging from 4 1/2 to 5 1/2 inches and 5000
feet of tubing ranging from 2 3/8 to 2 7/8 inches, for a total
weight of 50 tons.
- A gas well drilled to a depth of 10,000 feet, which consumes
2000 feet of 13 3/8 inch tubing, 7,000 of 9 5/8 inch tubing,
10,000 feet of tubing ranging from 7 to 7 5/8 inches and
10,000 feet of 2 7/8 inch tubing, for a total weight of 600
tons.
- An offshore well drilled to a depth of 15,000 feet, which
consumes 3,000 feet of tubing ranging from 16 to 20 inches,
11,000 feet of 11 7/8 inch tubing, 13,000
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feet of 9 5/8 inch tubing, 15,000 feet of tubing ranging from
7 to 7 5/8 inches, and 15,000 feet of 2 7/8 inch tubing, for a
total weight of 1100 tons.
SLIDE 20
INVESTMENT HIGHLIGHTS
- Strong oilfield industry fundamentals
- Leading Oilfield Market Position
- Casing and Tubing Domestic Capacity
- Fintube acquisition adds new high growth markets
- Technological leadership
- Substantial earnings potential
SLIDE 21
INVESTMENT HIGHLIGHTS
- Strong oilfield industry fundamentals
- Leading oilfield market position
- Fintube Acquisition Adds New High Growth Markets
- Increasing Electrical Generating Capacity
- Accretive Acquisition with Strong Profit Margins
- Technological leadership
- Substantial earnings potential
SLIDE 22
INCREASING ELECTRICAL GENERATING CAPACITY
- Combined cycle generating additions are expected to increase
by 540% over the next 5 years
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Bar graph showing the amount of Gigawatts generated by combined cycle
generating additions and other sources for each of the following years:
2000 Combined cycle - 15 Gigawatts
Other - 60 Gigawatts
2005 Combined cycle - 75 Gigawatts
Other - 170 Gigawatts
2010 Combined cycle - 115 Gigawatts
Other - 220 Gigawatts
Slide 22 attributes the source of certain information contained in such slide to
the Department of Energy.
SLIDE 23
FINTUBE: ACCRETIVE ACQUISITION WITH STRONG PROFIT MARGINS
- Acquisition 1/1/00
- $85 MM Total Purchase Price
- Products
- Finned Tubes (HRSG)
- Boiler Tubing
- Economizers
- Markets
- Gas-Fired, Combined Cycle, Power Generation
- Petrochemical
Linear and bar graph illustrating the following amounts of EBITDA, Net Income
and EBITDA Margin for each of the following years:
1997 EBITDA - $4.2 million
Net Income - $0.4 million
EBITDA Margin - approximately 6.0%
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1998 EBITDA - $9.4 million
Net Income - $6.8 million
EBITDA Margin - approximately 14.0%
1999 EBITDA - $18.9 million
Net Income - $14.0 million
EBITDA Margin - approximately 20.0%
SLIDE 24
TECHNOLOGICAL LEADERSHIP
- Strong oilfield industry fundamentals
- Leading oilfield market position
- Fintube acquisition adds new high growth markets
- Technological Leadership
- Pioneered Electric Resistance Welded ("ERW")
Full-Body Normalized Process
- Critical Applications
- New Product Development
- Substantial earnings upside
SLIDE 25
ERW FULL-BODY NORMALIZED PROCESS
- Successfully competes with seamless
- Critical applications
- Lower capital cost
- Lower production costs
- Mechanical properties
- Uniform wall thickness
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- Expandable casing
- Hydraulic Cylinders/Axles
- High strength line pipe
Graphic representation of an example of ERW, full body normalized oil country
tubular goods.
SLIDE 26
CRITICAL APPLICATIONS
- Marathon Expandable casing run at over 13,000 feet
- Phillips First Gulf of Mexico subsalt development
platform
- Conoco Deepest well drilled from a
semisubmersible
Longest 7" casing string
Longest, heaviest liner string
- Spirit Newest drillship, Maiden Voyage, all LSS
casing
- Amoco Longest 9 7/8" casing string
- Lavaca 138 mile 14" and 12" onshore pipeline
- EEX 70 mile offshore pipeline at water depth
of 1,250'
SLIDE 27
NEW PRODUCT DEVELOPMENT
- Expandable casing for high-pressure drilling
- Deepwater
- Sub-salt
- Expands 10% to 20% in diameter
- Developed for Shell/Oil / Halliburton JV
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- First successfully installed in late 1999 in the Gulf of
Mexico at over 13,000 ft. deep
- Lone Star is currently the only supplier of expandable casing
Graphic "cut-away" representation of Lone Star Steel's expandable casing.
SLIDE 28
COVER PAGE
Financial Highlights
SLIDE 29
IMPROVING FINANCIAL PERFORMANCE
A table containing the following information:
<TABLE>
<CAPTION>
($ IN MILLIONS, EXCEPT PER SHARE DATA)
--------------------------------------
Fiscal year Ended December 31,
1997 1998 1999
---- ---- ----
<S> <C> <C> <C>
Operating Data:
Revenues $ 654.3 $ 432.4 $ 353.4
Gross Profit 64.2 4.4 12.8
EBITDA 58.9 (14.3) 14.0
Diluted EPS $ 2.44 $ (1.10) $ (0.24)
Margins:
Gross Profit 9.8% 1.0% 3.6%
EBITDA 9.0% (3.3%) 4.0%
Capital Expenditures:
Acquisitions -- -- --
Productivity/Capacity $ 27.7 $ 10.6 $ 0.2
Base Operating 7.0 7.0 7.0
------- ------- -------
Total $ 34.7 $ 17.6 $ 7.2
</TABLE>
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<TABLE>
<CAPTION>
($ IN MILLIONS, EXCEPT PER SHARE DATA)
--------------------------------------
Pro Forma for Quarter Ended
Fintube and Bellville September 30,
Acquisitions
Fiscal Year Ended
December 31, 1999 1999 2000
----------------- ---- ----
<S> <C> <C> <C>
Operating Data:
Revenues $ 435.8 $ 99.5 $ 167.5
Gross Profit 42.7 6.9 22.6
EBITDA 34.2 7.1 19.7
Diluted EPS $ 0.20 $ 0.09 $ 0.43
Margins:
Gross Profit 9.8% 6.9% 13.5%
EBITDA 7.8% 7.1% 11.8%
Capital Expenditures:
Acquisitions $ 99.5 -- --
Productivity/Capacity 0.2 -- $ 5.3
Base Operating 7.0 $ 1.2 2.1
--------- -------- ---------
Total $ 106.7 $ 1.2 $ 7.4
</TABLE>
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SLIDE 30
CAPITAL STRUCTURE
<TABLE>
<CAPTION>
($ in millions)
September 30, 2000
<S> <C>
Cash and Cash Equivalents (Includes $1.2 million in short
term investments and $13.4 million in marketable securities) $34.9
Working Capital (Includes $13.4 million of marketable securities) 145.8
Total Assets $497.0
------
Slab Consignment Financing (Slab consignment financing of
$19.8 million is contained in accounts payable) $19.8
Revolving Credit Facilities 77.3
Term Loans (Includes current portion of term loan of $8.0 million) 42.0
----
Total Debt $139.1
Shareholders' Equity 245.2
Total Capitalization $384.3
------
TOTAL DEBT/TOTAL CAPITALIZATION 36.2%
</TABLE>
SLIDE 31
COVER PAGE
Business Strategy
SLIDE 32
BUSINESS STRATEGY
"Market Leadership and Operational Excellence"
- Achieve increased production, greater productivity and
penetration into new markets through capital investments and
expanding commercial alliances
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- Continue to develop new product technology
- Grow through strategic acquisitions
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 hereunto duly authorized.
LONE STAR TECHNOLOGIES, INC.
By: /s/ Charles J. Keszler
----------------------------------
Charles J. Keszler
Vice President - Finance
Date: December 12, 2000
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