-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HwmjKp+XmPjhOe9fnC1OFa7luMJk4EvT8pIAZXJjDqFljgJzyC2/KBkl8TJyCOMx r7fcLyQsQgo6jLUHyxZpJg== 0000779334-95-000020.txt : 19951119 0000779334-95-000020.hdr.sgml : 19951119 ACCESSION NUMBER: 0000779334-95-000020 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIRMINGHAM STEEL CORP CENTRAL INDEX KEY: 0000779334 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 133213634 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09820 FILM NUMBER: 95592786 BUSINESS ADDRESS: STREET 1: 1000 URBAN CENTER PARKWAY STREET 2: SUITE 300 CITY: BIRMINGHAM STATE: AL ZIP: 35242 BUSINESS PHONE: 2059701255 MAIL ADDRESS: STREET 1: P.O. BOX 1208 CITY: BIRMINGHAM STATE: AL ZIP: 35201-1208 10-Q 1 - -------------------------------------------------------- - -------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1995 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-9820 BIRMINGHAM STEEL CORPORATION DELAWARE 13-3213634 (State of Incorporation) (I.R.S. Employer Identification No.) 1000 Urban Center Parkway, Suite 300 Birmingham, Alabama 35242 (205) 970-1200 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days Yes X No . ----- ----- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 28,537,613 Shares of Common Stock, Par Value $.01 Outstanding at November 14, 1995 - -------------------------------------------------------- BIRMINGHAM STEEL CORPORATION CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) ASSETS September 30, 1995 June 30, 1995 (Unaudited) (Audited) ------------------ ----------------- Current Assets: Cash and cash equivalents $ 2,852 $ 4,311 Accounts receivable, net of allowance for doubtful accounts of $1,438 at September 30, 1995; $1,368 at June 30, 1995 113,096 110,883 Inventories 198,107 173,053 Prepaid expenses 1,821 1,154 Other 6,639 13,595 ------- ------- Total current assets 322,515 302,996 Property, plant and equipment (including property and equip- ment, net, held for disposition of $22,025 and $27,655 at September 30, 1995 and June 30, 1995, respectively): Land and buildings 119,012 117,835 Machinery and equipment 361,098 350,275 Construction in progress 90,211 53,932 ------- ------- 570,321 522,042 Less accumulated depreciation (117,459) (110,385) ------- ------- Net property, plant and equipment 452,862 411,657 Excess of cost over net assets acquired 42,173 32,338 Other assets 11,939 9,813 ------- ------- Total assets $ 829,489 $ 756,804 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable $ 59,083 $ 8,020 Accounts payable 57,639 63,082 Accrued operating expenses 3,700 4,137 Accrued payroll expenses 5,692 8,791 Income taxes payable 1,233 583 Other accrued liabilities 18,534 11,482 ------- ------- Total current liabilities 145,881 96,095 Deferred income taxes 54,983 53,265 Deferred compensation 5,221 5,225 Long-term debt less current portion 157,500 142,500 Commitments and contingencies Stockholders' equity: Preferred stock, par value $.01; authorized 5,000,000 shares - - Common stock, par value $.01; authorized 75,000,000 shares; 29,605,925 and 29,594,286 shares issued at September 30, 1995 and June 30, 1995, respectively 296 296 Additional paid-in capital 330,656 330,490 Treasury stock, 1,064,786 shares at September 30, 1995 (21,144) (21,909) Unearned compensation (2,610) (2,537) Retained earnings 158,706 153,379 ------- ------- Total stockholders' equity 465,904 459,719 ------- ------- Total liabilities and stockholders' equity $ 829,489 $ 756,804 =========== ========= See accompanying notes - -------------------------------------------------------- - -------------------------------------------------------- BIRMINGHAM STEEL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA; UNAUDITED) Three months ended September 30, ---------------------------------------- 1995 1994 ------------------ ---------------- Net Sales $207,252 $220,601 Cost of sales: Other than depreciation and amortization 174,105 180,322 Depreciation and amortization 8,030 7,985 -------- -------- Gross profit 25,117 32,294 Provision for loss on disposition of property, plant and equipment - 726 Selling, general and administrative 10,382 9,169 Interest 2,271 2,356 -------- -------- 12,464 20,043 Other income, net 1,363 730 Income before income taxes 13,827 20,773 Provision for income taxes 5,649 8,568 ------- -------- Net Income $ 8,178 $ 12,205 ======== ======== Weighted average shares outstanding 28,521 29,404 ======== ======== Earnings per share $ 0.29 $ 0.42 Dividends declared per share $ 0.10 $ 0.10 ======== ======== See accompanying notes. BIRMINGHAM STEEL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) Three months ended September 30, ----------------------- 1995 1994 (unaudited) (unaudited) ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 8,178 $ 12,205 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 8,030 8,039 Provision for doubtful accounts receivable 92 264 Deferred income taxes 1,641 1,880 Provision for loss on disposition of property, plant and equipment - 726 Other 720 607 Changes in operating assets and liabilities, net of effects from business acquisition: Accounts receivable (2,305) (2,637) Inventories (25,054) 3,176 Prepaid expenses (667) (90) Other current assets 6,956 581 Accounts payable (5,585) 8,282 Income taxes payable 650 - Other accrued liabilities 3,594 7,862 Deferred compensation (4) 154 --------- --------- Net cash provided by operating activities (3,754) 41,049 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property, plant and equipment (36,891) (13,027) Payments for business acquisitions (11,250) - Proceeds from disposal of property, plant and equipment 16 5 Additions to other non-current assets (12,765) (1,232) Reductions in other non-current assets 81 46 -------- --------- Net cash used in investing activities (60,809) (14,208) CASH FLOWS FROM FINANCING ACTIVITIES: Net short-term borrowings and repayments 51,063 - Proceeds from issuance of long-term debt 15,000 - Proceeds from issuance of common stock 59 119 Purchase of treasury stock (167) - Cash dividends paid (2,851) (2,940) --------- --------- Net cash (used in) provided by financing activities 63,104 (2,821) --------- --------- Net (decrease) increase in cash and cash equivalents (1,459) 24,020 Cash and cash equivalents at: Beginning of period 4,311 28,916 --------- --------- End of period 2,852 52,936 ========= ========= Supplemental cash flow disclosures: Cash paid during the period for: Interest (net of amounts capitalized) (445) (124) Income taxes 162 1,541 See accompanying notes BIRMINGHAM STEEL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1995 AND 1994 1. Significant Accounting Policies Principles of consolidation The consolidated financial statements include the accounts of Birmingham Steel Corporation (the Company) and its subsidiaries, all of which are wholly owned. All significant intercompany accounts and transactions have been eliminated. The Company operates in one industry segment, production of steel and steel products. Inventories Inventories are stated at the lower of cost or market value. The cost of steel inventories is determined using the first-in, first-out method. Earnings per share Earnings per share are computed using the weighted average number of outstanding common shares and dilutive equivalents (if any). Recent accounting pronouncement In March 1995, the Financial Accounting Standards Board issued Statement No. 121 that requires impairment losses to be recorded on long-lived assets used in operations, including goodwill, when impairment indicators are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Statement No. 121 also addresses the accounting for long-lived assets that are expected to be disposed of in future periods. The Company will adopt Statement No. 121 in the first quarter of fiscal 1997 and, based on current circumstances, does not believe the effect of adoption will be material. 2. Business Acquisitions On December 31, 1994, the Company purchased Port Everglades Steel Corporation (PESCO), a steel distribution company headquartered in Fort Lauderdale, Florida for $11,400,000 in cash and assumption of liabilities of $3,100,000 million. The purchase price has been allocated to the assets and liabilities of PESCO based upon their estimated fair values. Pro forma results for prior year would not be materially different from the amounts reported in the Company's consolidated income statement if the acquisition had occurred as of the beginning of the prior year. In the quarter ending September 30, 1995, the Company entered into an agreement to purchase the steel manufacturing equipment and other assets from Western Steel Limited, a subsidiary of IPSCO Inc. located in Calgary, Alberta, Canada, and the stock of Richmond Steel Recycling Limited, a subsidiary of Western Steel Limited, located in Richmond, British Columbia, Canada. The first transaction was consummated in the quarter and the second transaction is expected to be completed in the second quarter. The purchase price of these acquisitions is approximately $17,500,000. 3. Business Disposition On March 12, 1995, the Company sold its mine roof bolt business unit for $21,500,000, less costs approximating $1,758,000. In connection with the sale, the Company entered into a five-year supply agreement to provide purchaser the majority of its steel requirements. 4. Inventories Inventories were valued as summarized in the following table (in thousands): September 30 June 30 1995 1995 ----------- --------- At lower of cost (first-in, first-out) or market: Raw materials and mill supplies $ 46,786 $ 45,074 Work-in-progress 72,207 51,516 Finished goods 79,114 76,463 -------- -------- 198,107 173,053 ======== ======== 5. Borrowing Arrangements Under line of credit arrangements for short-term borrowings with four banks, the Company may borrow up to $185,000,000 with interest at market rates mutually agreed upon by the Company and the banks. One of these lines of credit supports bankers'acceptance and commercial paper program. Approximately $125,917,000 was available under these facilities at September 30, 1995. On September 1, 1995, American Steel & Wire Corporation (ASW), a wholly-owned subsidiary of the Company, issued $15,000,000 in Solid Waste Disposal Revenue Bonds under the authority of the Ohio Water Development Authority. The bonds have a term of thirty years at a variable market interest rate. The proceeds of the bonds will be used to construct a waste water treatment facility at the Company's new bar mill project located in Cleveland, Ohio. On September 19, 1995, the Company completed a $150,000,000 private placement of senior notes. The notes are unsecured and primarily consist of maturities ranging from seven to ten years and a weighted average interest rate of 7.05 percent. The notes contained a delayed funding provision which allows the Company to draw down the proceeds at any time through mid-December 1995. The proceeds of the debt issue will be utilized primarily to fund the current requirements of the Company's multi-year capital expenditure program. 6. Commitments In April, 1995, the Company entered into a ten-year agreement with Electronic Data Systems Corporation (EDS), an information management and consulting firm. Under the agreement, EDS will provide information system management, systems development and consulting services to the Company. Future minimum payments from systems management services are $6,300,000 per year. 7. Contingencies Environmental The Company is subject to federal, state and local environmental laws and regulations concerning, among other matters, waste water effluents, air emissions and furnace dust disposal. The Company has been advised by the Virginia Department of Waste Management of certain conditions involving the disposal of hazardous materials at the Company's Norfolk, Virginia property which existed prior to the Company's acquisition of the facility. The Company has also been notified by the department of Toxic Substances Control of the Environmental Protection Agency of the State of California of certain environmental conditions regarding its property in Emeryville, California. The Company is performing environmental assessments of these sites and developing work plans for remediation of the properties for approval by the applicable regulatory agencies. As part of its ongoing environmental compliance and monitoring programs, the Company is voluntarily developing work plans for environmental conditions involving certain of its operating facilities and other properties which are held for sale. Based upon the Company's study of the known conditions and its prior experience in investigating and correcting environmental conditions, the Company estimates that the potential costs of these site restoration and remediation efforts may range from $3,050,000 to $4,650,000. Approximately $1,359,000 of these costs is recorded in accrued liabilities at September 30, 1995. The remaining costs principally consist of site restoration and environmental exit costs to ready the idle facilities for sale, and have been considered in determining whether the carrying amounts of the properties exceed their net realizable values. These expenditures are expected to be made in the next one to two years, if the necessary regulatory agency approvals of the Company's work plans are obtained. Though the Company believes it has adequately provided for the cost of all known environmental conditions, the applicable regulatory agencies could insist upon different and more costly remediative measures than those the Company believes are adequate or required by existing law. Otherwise, the Company believes that it is currently in compliance with all known material and applicable environmental regulations. Legal Proceedings The Company is involved in litigation relating to claims arising out of its operations in the normal course of business. Such claims are generally covered by various forms of insurance. In the opinion of management, any uninsured or unindemnified liability resulting from existing litigation would not have a material effect on the Company's business, its financial position, liquidity or results of operations. 8. Disposal of Idle Facilities In Fiscal 1995, the Company entered into an agreement to sell its idle facility in Ballard, Washington. In August, 1995, the Company completed the exchange of the idle Kent, Washington facility and other property at the Seattle, Washington steel-making facility with the Port of Seattle for property owned by the Port which will be used in the Company's Seattle operations Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS In the first quarter of fiscal 1996, the Company reported net income of $8,178,000, compared with $12,205,000 in the first period of fiscal 1995. Earnings per share for the quarter were $.29, down from $.42 reported in the prior year period. First quarter earnings reflected a $1.3 million pretax charge associated with the start-up of a new electric arc furnace at the Company's Seattle mill. First quarter steel shipments were 574,000 tons, compared with 619,000 tons shipped a year ago. Net sales for the first quarter were $207,252,000, compared with $220,601,000 in the first quarter last year. Net Sales Steel shipments in the first quarter declined approximately 7 percent from the prior year level, primarily reflecting reduced sales of lower margin semi- finished steel billets. Finished goods shipments during the same period were down approximately 2 percent. Net sales for the first quarter declined approximately 6 percent, reflecting the reduced shipment levels mentioned above and the absence of sales from the Company's former mine roof support business (sold in March 1995). The average steel selling price for the Company's Rebar/Merchant Business was $317 per ton in the first quarter, a rise of $22 per ton over the prior year first quarter, but flat with the immediately preceding quarter. Rebar/merchant pricing experienced downward pressure late in the first quarter, as the Company announced a $20 per ton price decrease for merchant products effective in September. Selling price pressures continue to be evident into the second quarter, with rebar pricing off as much as $25 per ton in certain regions. With the Company heading into the seasonally weaker winter months, the near term outlook for steel pricing indicates further weakening. First quarter shipment of high quality rod and wire products declined approximately 7 percent to 123,000 tons, compared with 132,000 tons in the prior year period. The average selling price for high quality rod products increased approximately 3 percent in the first quarter to $483 per ton, compared with $470 per ton in the prior year. The near term pricing outlook for the Company's Rod and Wire Business is stable to nominally down. Cost of Sales As a percentage of net sales, cost of sales (other than depreciation and amortization) increased to 84.0 percent compared with 81.7 percent in the first quarter last year. This increase resulted primarily from a rise in the cost of FIFO inventories charged to cost of sales during the first quarter and expenses associated with the start-up of a new melt shop furnace at the Company's Seattle mill. During the fourth quarter of fiscal 1995, the Company suffered production outages at two of its mini-mills related to transformer failures and a major equipment installation. These outages, and the resultant increases in conversion costs, led to the high cost FIFO inventories referred to above. First quarter steel conversion costs were $119 per ton, compared with $126 in the immediately preceding quarter and $117 in the first quarter last year. Raw material scrap cost in the first quarter was $138 per ton, down from $142 in the immediately preceding quarter and up from $123 in the first quarter last year. Operating efficiency at the Company's rebar/merchant mini-mills was high during the first quarter, as steel melting and finished rolling production records were set. In July, the Company began operating a new high- reactance electric arc furnace at its Seattle mill, which has significantly outperformed the Company's expectations. Production levels achieved by the new melt shop, though low due to its start-up mode, were nearly double its projected output. Although all the Company's mini-mills are operating efficiently, flat steel shipment levels coupled with rising production have led to increased inventory levels Company-wide. As a prudent measure to reduce these surplus inventory levels, the Company has begun to limit production at certain facilities and perform scheduled equipment upgrades and maintenance operations. As a result, conversion costs in the second quarter will likely increase from first quarter levels. First quarter raw material billet cost at the Company's high quality rod mills rose to $348 per ton, an increase of 8 percent from $321 in the prior year period. The Company is proceeding on schedule with its announced plan to construct a high quality steel melting facility in Memphis. Groundbreaking for the new facility is planned for late in the fiscal second quarter, with tentative start-up scheduled for the fourth quarter of fiscal 1997. Depreciation and amortization expense increased to $8,030,000 from $7,985,000 in the first quarter of fiscal 1995, primarily due to the recognition of depreciation of fixed asset additions during fiscal 1995 and fixed asset additions in the first quarter of fiscal 1996. Selling, General and Administrative Expenses (SG&A) SG&A increased in the first quarter to $10,382,000 from $9,169,000 reported last year primarily due to expenses associated with the Company's recent contract with Electronic Data Systems (EDS) which is expected to provided the Company with state-of-the-art systems capabilities. As a percent of net sales, first quarter SG&A were 5.0 percent, compared with 4.2 percent last year. Interest Expense Interest expense declined 3.6 percent in the first quarter of fiscal 1996 to $2,271,000, compared with $2,356,000 reported last year. Interest expense is expected to increase for the remainder of the fiscal year due to an increase in debt levels with the planned mid-December 1995 funding of the Company's recently arranged $150 million private placement bearing an average interest rate of 7.05 percent. Income Taxes Effective income tax rates for the first quarters of fiscal 1996 and fiscal 1995 were 40.9% and 41.2%, respectively. Liquidity and Capital Resources Operating Activities In the first quarter of fiscal 1996, net cash used in operating activities was $3.8 million, compared with cash provided by operating activities of $41.0 million reported last year. The decline in cash flow was essentially due to a substantial increase in operating inventory levels at all of the Company's production facilities. The growth in current year inventory levels was primarily the result of increased finished goods production combined with flat shipment levels and the inclusion of certain inventories at the Company's rod production facilities previously held as inventory on consignment. Investing Activities Net cash used in investing activities during the first quarter was $60.8 million, compared with $14.2 million last year. Capital spending increased significantly during fiscal 1996, as the Company proceeds with the primary elements of its multi-year capital development plan. Current major projects include the recently completed melt shop furnace at the Seattle mill and the $112 million state-of-the-art bar mill at the Company's American Steel and Wire subsidiary (ASW) scheduled for completion in April 1996. Also during the first quarter, the Company entered into an agreement to purchase certain idled steelmaking assets of Western Steel Limited and the stock of Richmond Steel Recycling Limited (a subsidiary of Western Steel Limited) both located in British Columbia, Canada (see Note 2 to Consolidated Financial Statements). Financing Activities Net cash provided by financing activities was $63.1 million in the first quarter, compared with net cash used in financing activities of $2.8 million last year. During the quarter, the Company drew from its short-term credit lines in order to fund capital investments and other expenditures in excess of operating cash flow and completed a $15 million, 30 year tax-free bond financing at ASW. Also, pursuant to Board authorization, the Company purchased approximately 10,000 shares of its stock in the open market during the first quarter, with subsequent purchases of approximately 25,000 shares early in the second quarter of fiscal 1996. Working Capital Working capital at the end of the first quarter decreased to $176.6 million, compared with $206.9 million at the end of fiscal 1995. The decrease in working capital was essentially due to the increased short-term borrowing mentioned above. Other Comments On October 17, 1995, the Company declared a regular quarterly cash dividend of $.10 (ten cents) per share which was paid November 7, 1995 to shareholders of record on October 27, 1995. PART II - OTHER INFORMATION Item 1. Legal Proceedings The Company is involved in litigation relating to claims arising out of its operations in the normal course of business. Such claims against the Company are generally covered by insurance. It is the opinion of management that any uninsured or unindemnified liability resulting from existing litigation would not have a material adverse effect on the Company's business or financial position. There can be no assurance that insurance, including product liability insurance, will be available in the future at reasonable rates. By letter dated October 20, 1992, the Department of Toxic Substances Control of the Environmental Protection Agency of the State of California ("DTSC") submitted to Barbary Coast Steel Corporation ("BCSC"), a wholly owned subsidiary of the Company, for its review and comment a proposed Consent Order relating to BCSC's closed steel facility at Emeryville, California. BCSC and DTSC executed the terms of a Consent Order on March 22, 1993 and, pursuant to that Consent Order, BCSC has completed an environmental assessment of the site and has nearly completed the remediation of the property. DTSC has approved the work plan. The Company believes that, in connection with the January 1991 closure of the Emeryville mill, it made adequate provisions in its financial statements for the cost of remediating the site. On March 26, 1993, an action entitled IMACC Corporation v. Warburton. et al. was filed in the U.S. District Court for the Northern District of California, Case No. C93-1114-VRW against Barbary Coast Steel Corporation ("BCSC"), a wholly owned subsidiary of the Company. This lawsuit was brought by IMACC Corporation ("IMACC"), the parent of Myers Container Corporation, the lessee of property immediately adjacent to the Company's Barbary Coast property in Emeryville, California. IMACC has sued BCSC, Judson Steel Corporation (from whom BCSC purchased the property) and several of the individual owners of the property leased by IMACC, under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), 42 U.5.C. SS 9601 -9675 and various state law causes of action, alleging that the Defendants contributed to environmental contamination on the IMACC property. IMACC subsequently amended its complaint several times, including the addition of a citizens' suit claim under RCRA, 42 U.S.C. SS 6972. BCSC has interposed numerous affirmative defenses to IMACC's claims, and additionally has counterclaimed against IMACC alleging that IMACC has contaminated the BCSC property, and cross-claimed against Judson Steel Corporation and its corporate parent, alleging that they must indemnify BCSC for any monies due to IMACC. Other parties in the case have brought additional counterclaims and cross-claims against each other, BCSC, and third parties, including Kaiser Steel Resources. The parties have exchanged voluminous documents and lists of potential witnesses pursuant to the Court's Case Management Program. IMACC has alleged current and prospective damages, excluding attorneys' fees, of between $1,000,000 and $4,700,000. BCSC and several co-defendants successfully moved for dismissal of IMACC's RCRA claims, effectively eliminating liability for IMACC's attorneys fees. IMACC has indicated that it intends to request reconsideration of this ruling. Based upon the results of laboratory analysis of soil samples taken from the property, BCSC believes that IMACC's contention that BCSC is responsible for the contamination of the property in question is without merit. The Company believes that there is little, if any, factual basis for IMACC's claims; the Company further believes that most, if not all, of any liability imposed upon it may be recovered from other parties to the litigation through its claims of indemnity. Trial is presently set for October 7, 1996. Item 6. Exhibits and Reports on Form 8-K The following exhibit is being filed with this report: Exhibit 27 - Financial Data Schedule During the quarter ended September 30, 1995, no reports on Form 8-K were required to be filed. 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. Birmingham Steel Corporation November 14, 1995 James A. Todd, Jr. ------------------- James A. Todd, Jr. Chairman, Chief Executive Officer November 14, 1995 John M. Casey -------------------- John M. Casey Vice President, Chief Financial Officer EX-27 2
5 This schedule contains summary financial information extracted from the September 30, 1995 Consolidated Balance Sheets and Consolidated Statements of Income of Birmingham Steel Corporation and is qualified in its entirety by reference to such. 3-MOS JUN-30-1996 SEP-30-1995 2852 0 113096 1438 198107 322515 570321 117459 829489 145881 157500 296 0 0 465608 829489 207252 207252 182135 182135 0 0 2271 13826 5648 8178 0 0 0 8178 .29 .29
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