Canadian service center Russel Metals posted lower earnings in the third quarter of 2022 on falling prices and customer destocking. The Mississauga, Ontario-based service center posted net sales of Canadian $1.27 billion ($938.58 million USD) in third quarter of this year, up 15% from $1.11 billion in the same quarter in 2021. But net income dropped to […]
Well, earnings season is now well underway. We’ve seen the early reporters like steel processor Worthington Steel (who announced it will be splitting off its steel segment and creating two separate, publicly traded businesses), as well as tube producer Webco, and steel and metal manufacturer Commercial Metals Co. all report strong results in their latest earnings. […]
Russel Metals disclosed a favorable end to the second quarter. The Mississauga, Ontario-based service center lauded steady demand for its results and noted a Moody’s upgrade from Ba2 to Ba1. Executives at the company discussed having a fantastic first half of 2022 and stated they are positioned very well in light of market circumstances. Russel […]
Russel Metals reported solid first-quarter earnings results and record revenue. All three of the Canadian service center’s business segments generated strong operating results, driving net earnings of $98.7 million CAD ($76.9 million USD), down 2.9% sequentially but up more than 22% year-on-year (YoY). Revenue during the first quarter reached $1.34 billion ($1.04 billion), a 51.3% […]
The SMU Steel Summit Conference was, at its inception, about two things: networking and forecasting. Our conference aims to expand our attendees’ knowledge of the economy, the flat rolled and plate industries, and key market segments. It’s also about getting to know one another better as companies look to improve or expand their relationships with […]
After the close of the market today, Canada’s Russel Metals reported net earnings of $432 million (U.S. $340 million) on annual revenues of $4.2 billion (U.S. $3.3 billion) for fiscal year 2021. That’s a big improvement from earnings of just $25 million (U.S. $20 million) on revenues of $2.7 billion (U.S. $2.1 billion) in 2020 […]
Wayne Mang, former president and CEO of Toronto-based Russel Metals, died Jan. 14 at age 85 after a brave battle with cancer. In addition to Mang’s 20-year tenure with Russel, he also served as chairman of the Steel Service Center Institute (now the Metals Service Center Institute) from 1997-98, among other contributions to the industry […]
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 […]
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 […]
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 […]
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 […]