results for the quarter ended March 31, 2011.
First quarter 2011 volume increased 8% versus the first quarter of
2010. This increase, coupled with higher LME prices and improved
rolling margins, resulted in first quarter revenue growth of 24% from
$962 million in 2010 to $1.2 billion in 2011.
Net income for the first quarter of 2011 was $57 million compared to
$10 million for the first quarter of 2010.
Adjusted EBITDA for the first quarter of 2011 was $78 million compared
to $56 million for the first quarter of 2010, a 40 percent increase.
Cash used by operating activities was $57 million in the first quarter
of 2011 due to a seasonal working capital build compared to a $103
million use of cash in the first quarter of 2010.
Liquidity at March 31, 2011 was $689 million, which consisted of $462
million of availability under the revolving credit facility plus $227
million of cash.
The Company broke ground for its joint venture rolling mill in China
in January and initiated an upgrade and expansion of our European
operations to increase capacity for autobody sheet products.