Steel Mills

Ryerson Guides to Second-Quarter Loss

Written by Sandy Williams

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.

Latest in Steel Mills