Ryerson notes the price gains made in the first quarter of 2022 as critical to their successful figures, notes Kallanish.
Net income for the company in Q1 equalled $163.6 million. In 2021, the first quarter income came in at $25.3m.
Ryerson’s first-quarter revenue for the year is $1.75 billion, an increase of 14% from 2021’s Q1 revenue of $1.53b.
“Our record revenue of $1.75 billion in the first quarter was driven by average selling price gaining 2.3% to $3,312 quarter-over-quarter and volume growth of 11.4% to 528,000 [short] tons sold,” said ceo Eddie Lehner.
Ryerson is optimistic about the sustainability of its success. The company is outperforming Metal Service Center Institute projections for North America, it says.
Kristen DiLandro USA