Russel earnings remain at record-high levels

North American service centre chain Russel Metals’ earnings remain at record-high levels in the third quarter, Kallanish learns from the company’s latest performance results.

Russel earned CAD 132 million ($106m) on sales of CAD 1.11 billion in the third quarter, up from record-high second quarter earnings of CAD 118m on sales of CAD 1.07 billion. On-year, the company’s quarterly earnings remain up, above Q3 2020 earnings of CAD 18m on sales of CAD 615m.

According to Russel, metal service centres have experienced an 87% on-year increase in steel selling prices. Q3 steel prices are 19% above Q2, it adds.

“Over the past 15 months, we have significantly repositioned our business portfolio with the strategic objectives of enhancing returns, increasing margins and reducing volatility,” explains Russel ceo John Reid.

Zach Johnson USA