Russel Metals said on Thursday that it doesn’t expect to be directly impacted by US tariffs on Canadian steel. The Mississauga, Ontario-based distributor made the comments in its quarterly earnings report on Thursday. The company doesn’t export significant volumes to the US, it said, and thus doesn’t expect to be directly impacted. However, “The primary […]
Russel Metals Inc. has closed on its buy of Tampa Bay Steel.
Tampa Bay Steel, a Florida-based steel distributer and metal processer, generated average annual revenues of about US$115 million
Russel Metals has completed the acquisition of seven service center locations from Samuel, Son, & Co.
There are just 40 days left until the 2024 SMU Steel Summit gets underway on Aug. 26 at the Georgia International Convention Center (GICC) in Atlanta. And I’m pleased to announce that it's official now: More than 1,000 people have registered to at attend! Another big development: The desktop version of the networking app for the event has officially launched!
The USMCA is an important trade agreement, as long as the member countries honor its requirements. These were the sentiments echoed by top officials of the Steel Manufacturers Association (SMA) and Metals Service Center Institute (MSCI) during a press conference at their annual meeting last week in Scottsdale, Ariz.
Now that June has arrived, the official countdown until SMU’s Steel Summit 2024 – North America’s premier flat-rolled steel conference – has begun. If you haven’t already registered, don’t delay. More than 700 attendees from more than 300 companies have already registered to be in Atlanta this August. In short, it’s poised to be another […]
When you step out of the airport in Phoenix in June, the heat tends to focus your mind. I was in town to attend the Steel Manufacturers Association/Metals Service Center Institute (MSCI) annual meeting in Scottsdale, Ariz. The desert locale with palm trees, swimming pools, and the obligatory high-powered air conditioning was fitting for 2024. Between the presidential election and the geopolitical situation, things have definitely been heating up.
Russel Metals has received regulatory approval from the Canadian government to proceed with its planned acquisition of seven service center locations from Samuel, Son, & Co. Mississauga, Ontario-based Russel said on Tuesday that it received a “no-action” letter from the Canadian Competition Bureau confirming that the agency does not intend to challenge the proposed transaction. […]
We’re just a few months away from SMU’s Steel Summit 2024 – North America’s premier flat-rolled steel conference.
Russel Metals’ earnings fell in the first quarter, but the Toronto-based metals distributor sees steel prices stabilizing in the near term and staying above historical averages.
Here’s a roundup of the latest news in the global aluminum market from our colleagues at CRU. Biden calls for tripling of Chinese steel and aluminum tariffs President Joe Biden is calling on the US Trade Representative (USTR) to consider increasing the existing section 301 import duty on Chinese steel and aluminum three-fold. The current […]
Russel Metals Inc.’s planned purchase of seven service centers in western Canada from Samuel, Son & Co. has been delayed.
Russel Metals has invested a lot in recent years, and it’s not done yet.
Canadian metals distributor Russel Metals Inc. plans to acquire Samuel, Son & Co.’s carbon plate service center operations in Western Canada and the US for roughly $225 million.
Canadian metals distributor Russel Metals reported lower earnings in the third quarter as the company “navigated through volatile market conditions.”
Russel Metals posted solid second-quarter earnings. The Toronto-based company anticipates a continuation in steady demand for its service centers and steel distributors.
Canadian metals distributor Russel Metals announced it is selling off 50% of its equity in TriMark Tubulars Ltd. to Japan’s Marubeni-Itochu Tubulars Ltd. (MITI).
We've reached approximately 1,100 registrations for SMU's 2023 Steel Summit Conference, which is only 31 days away. There's still plenty of time to register, just click here.
The Metals Service Center Institute (MSCI) and Steel Manufacturers Association (SMA) kicked off their annual members conference on Wednesday, June 21. Members of both organizations have convened in Washington to discuss various topics related to the steel industry. A press conference on Wednesday afternoon included Philip K. Bell, president of SMA; Bob Weidner, president and CEO […]
We are counting down the days until SMU’s Steel Summit Conference on Monday-Wednesday, Aug. 21-23, in Atlanta. It’s only a little over two months away. Approximately 755 people have already registered. Our discounted room blocks are almost gone. Register here. The event will again be held at the Georgia International Convention Center, a massive conference center in close […]
Mississauga, Ontario-based service center group Russel Metals reported sequential improvement in its business segments in the first quarter, while results weakened year over year. The company reported Q1 net income of Canadian $73.9 million (US$55.2 million) on sales of nearly CA$1.2 billion compared to net income of CA$98.7 million on sales of CA$1.34 billion in […]
Canadian service center Russel Metals posted lower earnings in the third quarter of 2022 on falling prices and customer destocking. The Mississauga, Ontario-based service center posted net sales of Canadian $1.27 billion ($938.58 million USD) in third quarter of this year, up 15% from $1.11 billion in the same quarter in 2021. But net income dropped to […]
Well, earnings season is now well underway. We’ve seen the early reporters like steel processor Worthington Steel (who announced it will be splitting off its steel segment and creating two separate, publicly traded businesses), as well as tube producer Webco, and steel and metal manufacturer Commercial Metals Co. all report strong results in their latest earnings. […]
Russel Metals disclosed a favorable end to the second quarter. The Mississauga, Ontario-based service center lauded steady demand for its results and noted a Moody’s upgrade from Ba2 to Ba1. Executives at the company discussed having a fantastic first half of 2022 and stated they are positioned very well in light of market circumstances. Russel […]
Russel Metals reported solid first-quarter earnings results and record revenue. All three of the Canadian service center’s business segments generated strong operating results, driving net earnings of $98.7 million CAD ($76.9 million USD), down 2.9% sequentially but up more than 22% year-on-year (YoY). Revenue during the first quarter reached $1.34 billion ($1.04 billion), a 51.3% […]
The SMU Steel Summit Conference was, at its inception, about two things: networking and forecasting. Our conference aims to expand our attendees’ knowledge of the economy, the flat rolled and plate industries, and key market segments. It’s also about getting to know one another better as companies look to improve or expand their relationships with […]
After the close of the market today, Canada’s Russel Metals reported net earnings of $432 million (U.S. $340 million) on annual revenues of $4.2 billion (U.S. $3.3 billion) for fiscal year 2021. That’s a big improvement from earnings of just $25 million (U.S. $20 million) on revenues of $2.7 billion (U.S. $2.1 billion) in 2020 […]
Wayne Mang, former president and CEO of Toronto-based Russel Metals, died Jan. 14 at age 85 after a brave battle with cancer. In addition to Mang’s 20-year tenure with Russel, he also served as chairman of the Steel Service Center Institute (now the Metals Service Center Institute) from 1997-98, among other contributions to the industry […]
Canadian distributor Russel Metals finalized its purchase of Boyd Metals, expanding its U.S. footprint. The deal for the Fort Smith, Ark.,-based service center cost $110 million and covers all of Boyd’s assets, the company said. Boyd operates five steel service centers located in Arkansas, Missouri, Oklahoma, and Texas. They deliver a product mix primarily comprised of […]