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    Distributors/Service Centers

    May 3, 2022

    Russel Metals Reports Strong Q1 Results, Record Revenue

    Written by David Schollaert

    Russel Metals reported solid first-quarter earnings results and record revenue. All three of the Canadian service center’s business segments generated strong operating results, driving net earnings of $98.7 million CAD ($76.9 million USD), down 2.9% sequentially but up more than 22% year-on-year (YoY).

    RusselMetals LogoRevenue during the first quarter reached $1.34 billion ($1.04 billion), a 51.3% increase versus the same year-ago period and 16.7% above the previous high of $1.15 billion ($90 million) set in the fourth quarter of 2021.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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