Service Centers
August 13, 2018
Russel Pleased with Second-Quarter Performance
Written by Tim Triplett
Russel Metals reported its best quarterly results since 2008 for the second quarter ending June 30. “All of our businesses performed extremely well in the second quarter by adapting to the changing business environment. The continued uncertainty around steel tariffs and trade disruptions has resulted in the realignment of North American supply channels, which our team has navigated exceptionally well,” said John G. Reid, Russel president and CEO.
The Canadian distributor and service center reported net income of $66 million on revenues of $978 million (or $50.2 million and $743.8 million U.S.). Robust economic activity led to increased volumes, while significant increases in selling prices at all Russel operations resulted in improved margins, said Russell executives during the company’s quarterly conference call last week.
