Steel Mills
March 8, 2020
Ryerson Expects Drag on Business from Coronavirus
Written by Sandy Williams
“Beyond seasonally subdued,” is how Ryerson Holding CEO Eddie Lehner described demand in the fourth quarter of 2019. Ryerson shipped 541,000 tons last quarter, down 6.2 percent year-over-year and 9.5 percent lower than in the third quarter. Revenue decreased 17.1 percent to $961.5 million compared to Q4 2018 and net income was $26.4 million. Average selling price dropped 11.6 percent to $1,777 per ton.
“Beginning with the third quarter of 2018, we are now six quarters through the most recent industrial metals counter cycle characterized by falling industrial metal prices, contracting industrial metals demand and compress margins. The average duration of these counter cycles over the past decade has been approximately seven quarters,” said Lehner.
