Ryerson Posts Profit for Q3

Carbon shipment totals declined 6.2 percent from Q2 and 6 percent y/y to 361,000 ton. Carbon net sales of $371,000 were up slightly from second quarter but down 9.1 percent from Q3 2015.

Aluminum shipments were down 4 percent sequentially and 2 percent y/y to 48,000 tons; stainless was down -15 percent sequentially and up 17.5 percent y/y to 67,000 tons.

“The Ryerson Team performed well in a challenging environment,” said Ryerson’s President and CEO Eddie Lehner. “While industrial metals demand continued to contract year over year and decline sequentially more than indicative historical trends, and spot carbon sheet index pricing fell almost 20% in the quarter, Ryerson was able to increase gross margin, net income, and earnings per share in the third quarter compared to prior year.”

He added, “Despite an industrial metals climate characterized by deflation and demand contraction, under-investment in many of the world’s largest economies, most notably the U.S., is receiving the attention if not action it deserves as the deleterious impacts of break-fix and haphazard investment result in declining productivity and stagnation.”