Service Centers

Russel Metals posts solid quarter, doesn't expect direct impact from tariffs
Written by Laura Miller
February 13, 2025
Russel Metals said on Thursday that it doesn’t expect to be directly impacted by US tariffs on Canadian steel.
The Mississauga, Ontario-based distributor made the comments in its quarterly earnings report on Thursday.
The company doesn’t export significant volumes to the US, it said, and thus doesn’t expect to be directly impacted.
However, “The primary effects on us are indirect, including the impact on steel and aluminum prices, global supply chains, or demand by our Canadian customers who export their products to the U.S.,” Russel noted.
With operations in the US, Russel does expect to see some near-term benefits from US initiatives to rebuild its industrial manufacturing base.
In 2024, its US operations accounted for 39% of the company’s revenues, up from 30% in 2019.
Adding to its US footprint last year, Russel acquired Tampa Bay Steel, and two US service center locations in the CA$167-million deal with Samuel, Son & Co.
Russel also completed an expansion in Texarkana, and expansions in Joplin, Mo., Little Rock, Ark., and Green Bay, Wis., will be completed early this year.
Last year saw the largest deployment of capital in Russel’s history, with capital expenditures totaling $90 million across operations on both sides of the border. The company plans to continue pursuing new opportunities and expects to invest similar amounts this year and next.
Russel Metals Inc.
Fourth quarter ended Dec. 31 | 2024 | 2023 | Change |
---|---|---|---|
Net sales | $1,039 | $1,019 | 2.0% |
Net earnings (loss) | $27 | $47 | -42.6% |
Per share | $0.47 | $0.78 | -39.7% |
Year ended Dec. 31 | |||
Net sales | $4,261 | $4,505 | -5.4% |
Net earnings (loss) | $161 | $267 | -39.7% |
Per share | $2.73 | $4.33 | -37.0% |
Despite a challenging market in the back half of 2024, Russel said steel pricing stabilized in recent months, and volumes have been comparable with normal seasonal patterns.
Fourth-quarter sales grew 2% year over year (y/y) to CA$1.039 billion. At the same time, earnings slid 43% to CA$27 million.
For full-year 2024, sales fell 5.4% y/y to CA$4.26 billion, while net earnings registered a steeper decline, falling 40% to CA$161 million.
Russel believes it’s well positioned to gain market share as onshoring and infrastructure spending drive North American steel consumption over the medium term.

Laura Miller
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