During Wednesday’s Morning trade, Shares of SunEdison, Inc. (NYSE:SUNE), gained 1.49% to $3.06.
SunEdison, the renewable energy backed by some of the biggest names on Wall Street, crashed 24% on Tuesday, according to Business Insiders.
Investors have been looking at SunEdison’s debt obligations and cash holdings.
The company owns two yieldcos — companies created to own and operate its specific energy projects — and their financing arrangements are complicated.
More importantly, they’re expensive, and the company is holding a lot of debt. Already SunEdison has had to pay $152 million towards a margin loan for one of its yieldcos, TerraForm. Business Insiders Reports
SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through three segments: Solar Energy, TerraForm Power, and Semiconductor Materials. The Solar Energy segment provides solar energy services that integrate the design, installation, financing, monitoring, operations, and maintenance portions of the downstream solar market. It also manufactures polysilicon, silicon wafers, and solar modules.
Shares of Companhia Siderúrgica Nacional (NYSE:SID), inclined 17.60% to $1.47, during its current trading session.
Shares in Cia Siderúrgica Nacional SA sank the most in a month on Friday, as administration failed to assuage mounting concerns over a swelling debt burden at Brazil’s second-largest listed maker of flat steel.
Executives led by Chief Executive Officer Benjamin Steinbruch told investors on a conference call to discuss third-quarter results that keeping capital spending near current levels is needed to stay competitive in steelmaking and mining.
CSN, as the company is known, is pushing ahead with plans to refinance debt, sell assets, but avoid fire-sales, and raise the price of some flat-steel products. Steinbruch has likened his choices to “war economy decisions.”
Investments planned for next year will add value for shareholders in the medium term, Steinbruch said.
Companhia Siderúrgica Nacional produces steel. The company operates through five segments counting steel, mining, cement, logistics, and energy. The company primarily produces carbon steel and various steel products for the distribution, packaging, automotive, home appliance, and construction industries. The company’s steel products comprise slabs, which are semi-finished products used for processing hot-rolled, cold-rolled or coated coils, and sheet products; hot-rolled products, such as heavy and light-gauge hot-rolled coils and sheets; cold-rolled coils and sheets; galvanized products comprising flat-rolled steel coated with zinc or a zinc-based alloy; and tin mill products comprising of flat-rolled low-carbon steel coils or sheets, which comprise tin plate, tin free steel, low tin coated steel, and black plate products.
Finally, Gerdau S.A. (NYSE:GGB), surged 11.76%, and is now trading at $1.52.
Metalúrgica Gerdau SA , the holding company that controls Brazilian steelmaking group Gerdau SA, said on Tuesday it raised about 900 million reais ($239 million) in a private transaction to assist repay debt, according to Reuters.
Investors bought common and preferred shares of Metalúrgica at about 1.80 reais each, the company said in a market filing.
The Gerdau Johanpeter family, Metalúrgica’s largest shareholder, bought 300 million reais worth of shares, a source said. Tarpon Investimentos SA, Metalúrgica’s No. 2 holder of preferred shares with a 20 percent stake, did not take part, a second source added.
The sources requested anonymity because they were not authorized to speak on the record about the transaction. Reuters Reports
Gerdau S.A. produces and commercializes steel products worldwide. It operates through Brazil, North America, Latin America, Special Steel, and Iron Ore segments. The company provides semi-finished products, which comprise billets that are bars from square sections of long steel that serve as inputs for the production of wire rod, rebars, and merchant bars; blooms for use in the manufacture of springs, forged parts, heavy structural shapes and seamless tubes; and slabs, which are used in the steel industry for the rolling of various flat rolled products, in addition to to produce hot and cold rolled coils, heavy slabs, and profiles.
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