Strategy

2001 Working Capital Survey – Chart 25

MINING & METALS
CFO StaffJuly 1, 2001

Behind the Rankings

The management of working capital combines two measures, weighted equally:
1. Days of Working Capital (DWC) = (Receivables + Inventory ­ Payables) ÷ (Sales ÷ 365 Days). If payables exceed the sum of receivables and inventory, DWC is negative.
2. Cash Conversion Efficiency (CCE) = Cash Flow from Operations ÷ Sales.

The overall ranking: (Highest Overall CCE ­ Company CCE) ÷ (Highest Overall CCE ­ Lowest Overall CCE) + (Lowest Overall DWC ­ Company DWC) ÷ (Lowest Overall DWC ­ Highest Overall DWC). Days of Sales Outstanding (DSO), Inventory Turns, and Days of Payables Outstanding (DPO) are not part of the overall ranking criteria. Industry averages consider all companies in an industry, not just the top five.

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Sources: REL Consultancy Group, Piranha Web


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MINING & METALS
Over- all Rank Company Name Prior Year Sales Cash Conver. Effic. Days Working Capital Days Sales Outst. Inven. Turns Days Payable Outst.
CCE Rk. DWC Rk. DSO Rk. Ts. Rk. DPO Rk.
26 ANGLO- GOLD LTD $2,104 21% 91 (27) 7 12 103 8 408 72 44
75 NEWMONT MINING CORP $1,820 28% 31 66 599 9 89 3 857 12 938
165 HOME- STAKE MINING CO $666 17% 153 42 379 22 177 6 509 20 788
213 NUCOR CORP $4,586 16% 172 50 455 30 253 8 389 19 812
244 TEXAS INDUS. INC $1,306 17% 149 66 596 27 221 5 664 26 572
262 PHELPS DODGE CORP $4,525 10% 378 28 237 48 497 6 494 67 60
308 USX U S STEEL GROUP $29,534 7% 595 19 162 26 212 9 329 36 311
346 ALCOA INC $22,936 13% 242 66 595 52 562 7 462 27 532
386 INTERMET CORP $1,039 8% 472 44 391 50 526 10 314 40 252
389 QUANEX CORP $934 9% 467 45 404 39 366 8 407 32 390
420 TREDEGAR CORP $869 8% 515 44 393 48 496 14 213 25 612
529 MUELLER INDUS. INC $1,206 12% 301 82 727 53 576 6 492 16 885
533 OREGON STEEL MILLS INC $822 8% 505 61 550 32 275 5 652 39 259
586 BETHLEHEM STEEL CORP $4,197 7% 572 63 569 19 159 4 723 35 336
640 AK STEEL HOLDING CORP $4,612 6% 629 66 597 41 401 5 687 40 241
685 WORTHING- TON INDUS. INC $1,963 8% 475 85 753 61 692 5 585 34 350
712 BIRMING- HAM STEEL CORP $933 4% 742 64 585 35 319 6 552 29 470
726 COMMER- CIAL METALS CO $2,661 3% 800 61 541 49 510 8 386 28 519
738 GIBRALTAR STEEL CORP $678 6% 662 78 700 45 449 5 617 25 598
785 STEEL DYNAMICS INC $693 8% 520 98 834 42 410 4 717 13 932
795 NATIONAL STEEL CORP $2,979 2% 867 64 578 31 271 5 590 30 453
796 RELIANCE STEEL & ALUMINUM CO $1,727 4% 745 78 699 41 404 5 686 22 689
798 WEIRTON STEEL CORP $1,118 1% 893 61 548 30 261 5 613 37 290
806 ROUGE INDUSTRIES INC $968 3% 823 71 638 40 383 4 700 54 107
822 WHX CORP $1,717 7% 577 100 842 26 205 3 880 45 180
833 KAISER ALUMINUM CORP $2,170 2% 838 75 678 29 240 4 773 36 304
840 A M CASTLE & CO $707 3% 822 80 713 42 413 3 866 49 141
862 RYERSON TULL INC NEW $2,862 3% 819 85 752 38 353 4 742 23 659
878 LTV CORP $4,934 3% 784 92 807 38 354 4 703 22 701
886 MAXXAM INC $2,311 2% 855 86 762 29 245 4 820 30 445
897 CARPENTER TECH- NOLOGY CORP $1,096 7% 606 118 902 57 625 3 856 26 567
898 KAISER ALUMINUM & CHEMICAL CORP $2,044 2% 866 89 793 30 257 3 824 32 387
590 Industry Average $3,522 8%   66   37   6   33  

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