Distributors/Service Centers
October 31, 2023
Written by Laura Miller
| Third quarter ended Sept. 30 | 2023 | 2022 | % Change |
|---|---|---|---|
| Net sales | $1,247 | $1,543 | -19% |
| Net earnings | $35.3 | $55.1 | -36% |
| Per diluted share | $1.00 | $1.46 | -32% |
| Nine months ended Sept. 30 | |||
| Net sales | $3,996 | $5,035 | -21% |
| Net earnings | $120.4 | $415.3 | -71% |
| Per diluted share | $3.34 | $10.78 | -69% |
Private equity firm SCF Partners announced it has acquired American Piping Products (APP), a pipe and tube distributor headquartered in Chesterfield, Mo.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
The results of the latest SMU flat-rolled market survey are now available on our website to all premium members.
Service centers and manufacturers on the Sept. 15 HARDI Sheet Metal and Air Handling Council call described a tight, seller-driven market. Lead times are long, deliveries are late, inventories are thin, imports are down, and demand is strong, causing a shortage of galvanized material. SMU regularly joins the council’s meetings to discuss the galvanized sheet market. Participants — members of Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) — are wholesalers, service centers, distributors, and manufacturers who buy or sell galvanized steel.
US service centers’ flat-rolled steel supply declined in August, making the marginal gain the month prior an outlier year-to-date. Shipping days of supply slipped to 44.2 in August, according to SMU data.