2001 Working Capital Survey - Chart 25



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.

Sources: REL Consultancy Group, Piranha Web

Back to "Forget the Float? — The 2001 Working Capital Survey"

Over- all RankCompany NamePrior Year SalesCash Conver. Effic.Days Working CapitalDays Sales Outst.Inven. TurnsDays Payable Outst.
26ANGLO- GOLD LTD$2,10421%91(27)71210384087244
75NEWMONT MINING CORP$1,82028%3166599989385712938
165HOME- STAKE MINING CO$66617%1534237922177650920788
213NUCOR CORP$4,58616%1725045530253838919812
244TEXAS INDUS. INC$1,30617%1496659627221566426572
262PHELPS DODGE CORP$4,52510%378282374849764946760
308USX U S STEEL GROUP$29,5347%5951916226212932936311
346ALCOA INC$22,93613%2426659552562746227532
386INTERMET CORP$1,0398%47244391505261031440252
389QUANEX CORP$9349%4674540439366840732390
420TREDEGAR CORP$8698%51544393484961421325612
529MUELLER INDUS. INC$1,20612%3018272753576649216885
533OREGON STEEL MILLS INC$8228%5056155032275565239259
586BETHLEHEM STEEL CORP$4,1977%5726356919159472335336
640AK STEEL HOLDING CORP$4,6126%6296659741401568740241
685WORTHING- TON INDUS. INC$1,9638%4758575361692558534350
712BIRMING- HAM STEEL CORP$9334%7426458535319655229470
726COMMER- CIAL METALS CO$2,6613%8006154149510838628519
738GIBRALTAR STEEL CORP$6786%6627870045449561725598
785STEEL DYNAMICS INC$6938%5209883442410471713932
795NATIONAL STEEL CORP$2,9792%8676457831271559030453
796RELIANCE STEEL & ALUMINUM CO$1,7274%7457869941404568622689
798WEIRTON STEEL CORP$1,1181%8936154830261561337290
806ROUGE INDUSTRIES INC$9683%8237163840383470054107
822WHX CORP$1,7177%57710084226205388045180
833KAISER ALUMINUM CORP$2,1702%8387567829240477336304
840A M CASTLE & CO$7073%8228071342413386649141
862RYERSON TULL INC NEW$2,8623%8198575238353474223659
878LTV CORP$4,9343%7849280738354470322701
886MAXXAM INC$2,3112%8558676229245482030445
897CARPENTER TECH- NOLOGY CORP$1,0967%60611890257625385626567
898KAISER ALUMINUM & CHEMICAL CORP$2,0442%8668979330257382432387
590Industry Average$3,5228% 66 37 6 33 

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