Service Centers
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Ryerson.png)
Ryerson back in black in fourth quarter
Written by Ethan Bernard
February 22, 2024
Ryerson Holding Corp.
Fourth quarter ended Dec. 31 | 2023 | 2022 | % Change |
---|---|---|---|
Revenue | $1,112.4 | $1,288.2 | -14% |
Net earnings (loss) | $25.8 | ($24.1) | 207% |
Per diluted share | $0.74 | ($0.65) | 214% |
Twelve months ended Dec. 31 | |||
Revenue | $5,108.7 | $6,323.6 | -19% |
Net earnings (loss) | $145.7 | $391.0 | -63% |
Per diluted share | $4.10 | $10.21 | -60% |
Ryerson swung to a net profit in the fourth quarter, though revenue declined from the same period last year.
The Chicago-based service center group posted net income attributable to Ryerson of $25.8 million in Q4’23 vs. a loss of $24.1 million a year earlier on revenue that slipped 13.6% to $1.11 billion.
“Revenue during the period was influenced by seasonally lower volumes and easing average selling prices, which decreased 5.9% to 450,000 tons and 5.2% to $2,472 per ton, respectively, compared to the third quarter of 2023,” the company said in a statement on Wednesday.
A breakdown of shipments and average selling prices is shown below.
Tons shipped (in thousands) | Q4’23 | Q3’23 | Q4’22 | Q/q change | Y/y change |
---|---|---|---|---|---|
Carbon steel | 347 | 371 | 365 | -7% | -5% |
Aluminum | 48 | 49 | 45 | -2% | 7% |
Stainless steel | 52 | 55 | 52 | -6% | 0% |
Average selling prices (per short ton) | |||||
Carbon steel | $1,657 | $1,744 | $1,874 | -5% | -112% |
Aluminum | $5,021 | $5,571 | $5,978 | -10 | -16% |
Stainless steel | $5,212 | $5,527 | $6,019 | -6% | -13% |
Eddie Lehner, Ryerson’s president and CEO, said, “Fourth-quarter volumes decreased across most of our end-markets due to holiday seasonality and ongoing destocking across nonferrous product lines.”
He added that for full-year 2023, “our end-market volumes mainly increased in our commercial ground transportation and oil and gas end-markets, while decreasing across most other industrial and consumer end-markets.”
Looking to Q1’24, Ryerson said it “expects normal seasonal demand conditions, with customer shipments expected to increase approximately 8% to 10%, quarter over quarter.”
The company said it anticipates Q1 revenue to be “in the range of $1.21 to $1.25 billion, with average selling prices increasing 1-3%.”
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/02/SMU_EB_headshot.png.jpg-150x150.png)
Ethan Bernard
Read more from Ethan BernardLatest in Service Centers
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/02/Reliance-new-logo.png)
Steel pricing pressure squeezes Reliance’s Q2 earnings
Reliance Inc. said a faster-than-expected decline in carbon steel prices offset higher shipments in the second quarter.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Premium1.png)
June service center shipments and inventories report
Flat Rolled = 60.9 Shipping Days of Supply Plate = 59 Shipping Days of Supply Flat Rolled US service center flat-rolled steel supply remained high at the end of June at 60.9 shipping days of supply, according to adjusted SMU data. This translates to 3.05 months of supply in June. At the end of May, […]
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/02/Reliance-new-logo.png)
Reliance to buy certain assets of Mississippi toll processor
Reliance Inc. has reached an agreement to buy certain assets of Ferragon Corp.'s FerrouSouth division, a toll processing operation based in Iuka, Miss.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/hand_shake.png)
Steel Warehouse set to invest $20M in Tennessee expansion
Steel Warehouse plans to expand in Jefferson City, Tenn., with an investment of ~$20 million.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/01/cropped-SMU_Mobile_final.png)
SMU Community Chat: Back to building with Triple-S CEO Gary Stein
Looking out over the American economy, Triple-S Steel Holdings CEO Gary Stein believes what is required doesn’t fundamentally have to do with government policy. “Rather, it’s a mind shift.”