Canadian distributor Russel Metals finalized its purchase of Boyd Metals, expanding its U.S. footprint. The deal for the Fort Smith, Ark.,-based service center cost $110 million and covers all of Boyd’s assets, the company said. Boyd operates five steel service centers located in Arkansas, Missouri, Oklahoma, and Texas. They deliver a product mix primarily comprised of […]
Canada’s Russel Metals reported “an exceptionally strong third quarter built on the back of a really strong Q2.” Company executives on Friday’s earnings call pointed to the various moves the company has made in the past two years to position it to take advantage of the prevailing market conditions. Most recent was this week’s announcement […]
Canadian distributor Russel Metals has expanded its U.S. footprint by agreeing to acquire Arkansas-based service center Boyd Metals. The deal, valued at $110 million, includes all five of Boyd’s facilities. Boyd’s operations in Arkansas, Missouri, Oklahoma, and Texas deliver a product mix primarily comprised of carbon steel products. The company also offers stainless steel, aluminum and other industrial […]
Whether they believe steel prices are in for a sharp or a gradual correction, most of the service center and manufacturing executives responding to SMU’s latest survey agree the market is at a turning point. Here are a few of their recent observations: “Yes, I think we are at the inflection point. The market appears to be […]
Toronto-based Russel Metals, Canada’s second largest metals distributor, posted its best second-quarter earnings ever off strong market conditions, the company said. Driven by rising demand and constrained supply chains, pre-tax earnings totaled $178 million, up 38% from Q1 on sales of $1.07 billion. That compares to EBITDA of $32 million on sales of $588 million in […]
Russel Metals reported strong operating profits thanks to “favorable market conditions” across all business segments in the first quarter of 2021. The Canadian metals processor and distributor posted net earnings of $81 million in Q1, up from a loss of $9.0 million in Q4 2020 and up from $11 million year on year (all figures are in […]
TriMark Tubulars is a new brand in the market, but not a brand new competitor. Russel Metals and Marubeni-Itochu Tubulars America Inc. have combined their Canadian oil country tubular goods (OCTG) and line pipe businesses into a joint venture that will be better equipped to handle the challenging conditions in the energy market. Russel Metals […]
Metals distributor Russel Metals and Marubeni-Itochu Tubulars America, Inc., plan to merge their Canadian OCTG/line pipe businesses. The new entity will be a 50/50 joint venture named TriMark Tubulars Ltd, a combination of Russel’s Triumph Tubular & Supply Ltd and MITA’s Hallmark Tubulars Ltd. The merger is a result of changing business conditions for the […]
Russel Metals, a Canada-based metals processor and distributor, saw profitability fall in 2020 due to “extraordinary market volatility” caused by the global pandemic. The company posted net earnings of $25 million for 2020, down from $77 million in 2019. Earnings for the year included a $26 million non-cash impairment charge related to the U.S. energy […]
Canada’s Russel Metals is acquiring metals service center Sanborn Tube Sales of Wisconsin, Inc. Sanborn Tube is located near three of Russel’s Wisconsin service centers and has a strong focus on value-added processing. The Pewaukee, Wis.-based company reported annual sales of $19 million. The transaction is expected to close by Dec. 31, 2020. “Sanborn is a well-established company that […]
Russel Metals’ third-quarter results showed steady gains from rising steel prices and improved demand as the market comes to grip with the coronavirus. Russel also rationalized some assets during the quarter and is taking steps to reduce its exposure to the volatile energy sector. “Although business conditions remain challenging, they are improving,” said Russel President […]
We have passed through 700 registered attendees for this year’s SMU Virtual Steel Summit Conference. Activity has been high and we are confident we will reach our 800+ registered attendee goal. We will be the largest steel conference (live or virtual) in North America this calendar year. Those who have seen our platform are excited. […]
We have passed through 700 registered attendees for this year’s SMU Virtual Steel Summit Conference. Activity has been high and we are confident we will reach our 800+ registered attendee goal. We will be the largest steel conference (live or virtual) in North America this calendar year. Those who have seen our platform are excited. […]
Canada’s Russel Metals, a North American metals distribution company, generated net income of $5 million on revenues of $588 million in the second quarter of 2020. Total tons shipped fell 14 percent from the first quarter. Results from U.S. operations represented 33 percent of total revenues. “During the second quarter, the pandemic along with low […]
Here is a listing of the companies registered for the SMU Steel Summit 2020 Virtual Conference as of last week. Note that those companies with an * after their name means more than one person is attending. If your company is missing, or if you have questions about your registration, please contact Events@SteelMarketUpdate.com. You can […]
Here is a listing of the companies registered for the SMU Steel Summit 2020 Virtual Conference as of last week. Note that those companies with an * after their name means more than one person is attending. If your company is missing, or if you have questions about your registration, please contact Events@SteelMarketUpdate.com. You can […]
Russel Metals has named Martin Juravsky to succeed the retiring Marion Britton as CFO of the Canadian service center company. “We are moving to the next phase of our planned chief financial officer transition. Martin will assume the role while Marion will continue to support for the balance of 2020 as executive vice president, as well as serving […]
Quite a bit has happened over the past two days as we have added new speakers and have had quite a few new registrations for the 2020 SMU Virtual Steel Summit Conference. First the speakers: SMU is pleased to announce the addition of Mark Millett, President & CEO of Steel Dynamics, and Maximo Vedoya, CEO […]
Quite a bit has happened over the past two days as we have added new speakers and have had quite a few new registrations for the 2020 SMU Virtual Steel Summit Conference. First the speakers: SMU is pleased to announce the addition of Mark Millett, President & CEO of Steel Dynamics, and Maximo Vedoya, CEO […]
Virtual Summit Networking – better than in real life? The SMU Steel Summit Virtual Conference will have a strong focus on networking, to facilitate business and to give you that human connection. From the minute you enter the virtual venue you’ll be able to see everyone else who is there and can start networking and […]
Russel Metals’ first-quarter results, while still profitable, reflect the downturn in the U.S. and Canadian economies and the weakness in the energy sector. Russel generated net income of $11 million on revenues of $815 million in the quarter, compared to income of $34 million on revenues of $1 billion in the 2019 first quarter and […]
Russel Metals Inc. has named Martin Juravsky to succeed the retiring Marion Britton as the company’s next chief financial officer. Britton will remain with the company through 2020 to ensure a seamless transition. Juravsky currently serves as senior vice president and chief financial officer of Interfor Corp. with overall responsibility for their capital markets, corporate development […]
Russel Metals has remained profitable despite wild swings in steel prices caused by U.S. tariffs, coupled with weak energy prices and declining rig counts. The Canadian distributor reported net income of $77 million on revenues of $3.7 billion in full-year 2019. Results were down significantly from the prior year when the company saw a profit […]
All three of Russel Metals’ business segments experienced challenging market conditions in the third quarter, notably energy products, as the Canadian distributor reported lower revenues and income. Russel’s Q3 sales of $900 million (Canadian) were comparable to the prior quarter, but net income declined to $18 million, down from $31 million in Q2. In third-quarter […]
Reliance Steel & Aluminum continues to dominate the service center market, ranked No. 1 once again in the just-released Metal Center News Service Center Top 50 with $11.5 billion in revenues. In total, North America’s Top 50 metals distributors accounted for a record $61.1 billion of the industry’s sales last year. Sixteen of the companies […]
Marion Britton, Executive Vice President and Chief Financial Officer for Russel Metals, has announced her plans to retire next year after more than three decades with the Toronto-based metals distributor. Britton will remain with Russel during 2020 to ensure a smooth transition, as the company now begins a search for her replacement. Britton began her […]
Steel demand from the agricultural sector is down substantially, according to a panel of steel distributor and processing CEOs at the 2019 SMU Steel Summit. North American farming profits were hit hard in 2019 by weather, high steel prices and retaliatory Section 232 and 301 tariffs, impacting the ability of farmers to invest in equipment. […]
Canada’s Russel Metals has expanded its presence in the oilfield with the $160 million acquisition of City Pipe & Supply Corp. City Pipe & Supply supplies pipe, valves and fittings to oil and gas companies in the Permian, Eagle Ford, Granite Wash, Barnett and Haynesville basins, which collectively represent approximately 60 percent of the active […]
Nearly 1,000 executives are registered with just two weeks to go before the start of the 2019 SMU Steel Summit Conference. We continue to see strong interest in this year’s event, which will be held in Atlanta on Aug. 26-28. Once again, the Georgia International Convention Center will be the home of this, our 9th […]
Russel Metals, Inc., Canada’s second largest metals distributor, reported revenues of $937 million in the second quarter. Net income totaled $31 million, about half the $66 million the company earned in the same quarter last year (figures are in Canadian dollars). The company’s gross margins in this year’s second quarter averaged 18.8 percent, well below […]