Service Centers
November 16, 2015
Ryerson CEO Says Steel Industry in a Recession
Written by Sandy Williams
Ryerson Holding Corp, a distributor and processor of metals, reported revenue of $790 million in third quarter, down 6 percent from second quarter and down 16.7 percent from Q3 2014. Net income was $6.7 million compared to income of $15.8 million in Q2 and a net loss of $34.7 million in Q3 2014 which included $32.7 million in IPO-related expenses and $12.4 million in debt redemption expenses.
Ryerson shipped a total of 492,000 tons of metal in third quarter, 384,000 tons of which were carbon steel. Average selling price per ton for carbon steel slipped 5.1 percent from the previous quarter and was down 12.3 percent on a year over year basis. Net sales in the carbon steel segment were $408 million compared to $421 million sequentially and $488 million a year ago.
