Ryerson nets record full year earnings

Chicago, Illinois-based US service centre chain Ryerson achieved record-breaking earnings in both the fourth quarter and full-year 2021, Kallanish learns from the company’s latest performance results.

Ryerson earned $106.4 million on sales of $1.53 billion in the fourth quarter of last year, bringing the company’s full-year earnings to $294.3m on sales of $5.68 billion. In an on-year comparison, the company’s fourth quarter earnings are up from a loss of $16.7m on sales of $853m during Q4 2020. In the full year of 2020, Ryerson netted a loss of $65.8m on sales of $3.47 billion. The company’s revenues are up 63.7% in 2021 year-over-year, as selling prices per ton increased by 57% from the prior year.

“[The year of] 2021 was a consequential year in all of its dimensions where our phrase ‘cohere and persevere’ took on new meaning…The end of 2021 finds Ryerson with a stronger balance sheet and operating model providing a glide path for bettering the customer experience, employee experience, supplier experience and shareholder experience in 2022 and beyond,” explains Ryerson ceo Eddie Lehner.

Ryerson anticipates a seasonal decline in shipments during the first quarter of this year, with sales projected to be in the range of $1.55-1.65 billion. As metal prices have declined in recent weeks, the company expects selling prices to be down by 2-4% in the first quarter of 2022.

Zach Johnson USA