Ryerson Guidance Indicates Strong Q3

Ryerson Holding Corp., a processor and distributor of industrial metals, gave upbeat guidance for third-quarter results. The company expects revenue to increase in the third quarter in the range of $1.23 billion to $1.24 billion compared to $1.057 billion in the second quarter and $864 million in third-quarter 2017. Net income is anticipated to be in the range of $77 million to $80 million.

Average selling prices were higher in the third quarter, but shipments were down slightly due to extreme weather events in Iowa and the Carolinas and normal seasonality. Ryerson continues to see strong end-market demand. Shipments are expected to remain robust due to increased industrial production and lower imports resulting from trade actions.