Top Stories for Feb. 23, 2024:
1. A Shake-Up at Piedmont Lithium:
Investors witnessed a seismic shift as BTIG analyst Gregory Lewis altered his stance on the mining titan, Piedmont Lithium, downgrading the stock from Buy to Neutral. Lewis’s decision came hot on the heels of Piedmont’s fourth-quarter and full-year 2023 financial results.
Piedmont Lithium’s 2023 revenue tallied an impressive $39.8 million, powered by 43.2k dry metric tons of spodumene concentrate sales. The company also clocked a $5.7 million gross profit and foresees a ramp-up at NAL, with cost and production enhancements on the horizon for 2024.
Looking ahead, Piedmont is gearing up for a transition to multi-year contracts while pushing forward with permit advancements in both Ghana and North Carolina. The year closed with cash reserves of $71.7 million, partly boosted by $49.1 million from Q1 2024 share sales of Sayona Mining, making it a compelling entity in the market.
2. ATI Inc.’s New Helmswoman:
In a plot twist, the Board of Directors at ATI Inc. unequivocally named Chief Operating Officer Kimberly A. Fields as the President and CEO, set to take the reins on July 1, 2024. Outgoing CEO Robert S. Wetherbee articulated his unwavering confidence in Fields, projecting a bright future for the company under her stewardship.
3. SunCoke Energy’s Leadership Transitions:
SunCoke Energy, Inc. made headlines with the forthcoming retirement of CEO Michael G. Rippey on May 15, 2024. Stepping into Rippey’s shoes is Katherine T. Gates, who will not only assume the role of CEO but also carry forward her duties as President and Board member, ensuring a seamless handover.
4. Olympic Steel Shines Bright:
Olympic Steel emerged vibrant with its fourth-quarter and full-year 2023 earnings report. The Pipe and Tube segment boasted its second most profitable year while the company hiked its quarterly dividend by 20% to $0.15 per share.
The numbers painted a rosy picture, with fourth-quarter net income touching $7.4 million ($0.64 per share), bolstered by $16.7 million in adjusted EBITDA and $489 million in sales. The full-year figures sparkled as well, with net income standing at $44.5 million ($3.85 per share), $97.6 million adjusted EBITDA, and $2.2 billion in sales.
Richard T. Marabito, Olympic Steel’s CEO, remarked on the brand’s resilience in the face of industry challenges, highlighting the stalwart performance in a turbulent market. The Carbon business excelled amidst pricing pressures, the Pipe and Tube segment hit new highs, and the Specialty Metals division showed unwavering grit through the year.
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