Exhibit 13
SHEFFIELD STEEL CORPORATION AND SUBSIDIARIES
Computation of Earnings Before Interest, Taxes, Depreciation,
Amortization, and Non-cash Post-retirement Benefit Expense (EBITDA)
(In thousands)
Years Ended April 30,
------------------------------------
1995 1996 1997
---- ---- ----
Net income (loss) $ 1,825 (3,091) (3,509)
Interest expense 8,049 11,733 11,769
Income tax expense 197 - -
Depreciation and amortization 5,930 6,567 6,775
Accrual of post-retirement benefit
expense, net of cash paid 2,523 1,747 1,272
------- ------- ------
EBITDA $ 18,524 $ 16,956 $ 16,307
======= ======= ======
Restructuring expense - - 1,320
------- ------- ------
EBITDA, excluding restructuring expense $ 18,524 $ 16,956 $ 17,627
======= ======= ======