Service Centers
August 9, 2020
Russel Metals Ekes Out Profit Despite Plunging Sales
Written by Sandy Williams
Canada’s Russel Metals, a North American metals distribution company, generated net income of $5 million on revenues of $588 million in the second quarter of 2020. Total tons shipped fell 14 percent from the first quarter. Results from U.S. operations represented 33 percent of total revenues.
“During the second quarter, the pandemic along with low energy prices created intense business conditions,” said President and CEO John Reid. “Demand at our service center and distribution operations appeared to bottom out in April followed by a modest, yet steady, increase throughout the balance of the quarter.
