Steel Mills
Ryerson Guides to Second-Quarter Loss
Written by Sandy Williams
July 14, 2020
Ryerson Holding Corp. expects a net loss of between $26 million and $28 million for the second quarter of 2020. In earnings guidance issued July 13, Ryerson said revenue will be in the range of $765 million to $775 million.
“Early indications for the third quarter are seeing a continuation of the recovery initiated in the second quarter as average selling prices, gross margins, excluding LIFO, and order rates are all currently trending positively,” said Ryerson in its press release.
The company said it reacted quickly to the pandemic and economic shutdowns, resulting in a low global rate of confirmed COVID-19 infections and no fatalities.
As of June 30, 2020, liquidity ranged between $346 million and $350 million.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
BREAKING NEWS: Trump approves Nippon-U.S. Steel deal
President Trump has approved the sale of U.S. Steel to Nippon Steel, according to an executive order signed on Friday, June 13. Both the Pittsburgh-based steelmaker and the Japanese steelmaker cheered the development.
Nippon exec responds after Trump ‘golden share’ comments: Report
A Nippon executive has hit back regarding the deal for USS following President Trump's talk of a "golden share" on Thursday.
Trump says US government to control 51% share in USS
President Trump says the US government will hold a 51% stake in U.S. Steel after the Nippon deal.
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
USS, Nippon Steel quiet as litigation deadline approaches
There has been little word from U.S. Steel, Nippon Steel, or the White House since President Trump endorsed the companies’ “partnership” on social media and celebrated it at the May 30 rally outside Pittsburgh.