• Skip to main content

    Prices

    October 11, 2022

    AZZ Focuses on Metal Coatings Business, Achieves Record Sales

    Written by Laura Miller

    Independent hot-dip galvanizer and coil coater AZZ Inc. achieved record sales in the second quarter (ended Aug. 31) of its fiscal 2023 year.

    The quarter was the first to include results from Precoat Metals, whose acquisition was completed in May of this year.

    azz logo minTotal Q2 sales reached $406.7 million. This includes record sales of $165.8 million from the metal coatings segment, which saw increased galvanized volumes in the renewables, utility, OEM, and construction markets, as well as record sales of $240.9 million from the Precoat Metals segment which saw higher selling prices from paint cost pass-through.

    Still, AZZ’s Q2 net loss was $57.57 million compared to net income of just under $19 million in the year-ago quarter.

    “We were pleased with our first full quarter as a focused metal coatings business, in what is a traditionally strong season for both segments,” commented president and CEO Tom Ferguson. “As we progress through the seasonally slower back half of the year, our overall outlook remains positive, although we are seeing signs of economic slowing in some areas.”

    AZZ is based in Fort Worth, Texas, and operates more than 60 locations across the US and Canada.

    By Laura Miller, Laura@SteelMarketUpdate.com

    Laura Miller

    Laura Miller is a reporter and editor for Steel Market Update. She has held various editorial positions with steel industry publications, associations, and mills since 2007. She joined the SMU team in 2022. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania.

    Read more from Laura Miller

    Latest in Prices

    CRU: Global finished steel prices diverge, US the rare bright spot

    CRU: Global finished steel prices have diverged in August, with longs softening while sheet and plate firmed in most regions. Weak construction demand persisted across most longs markets, with the US the notable exception. Higher sheet prices were driven by tightening supply in the US and reduced import attractiveness in Europe, even as APAC sheet prices declined. Plate prices were mostly firmer across APAC, stable to down in Europe, and continued climbing in the US.