March 18, 2015

Ryerson Reports Loss Despite Revenue Gain

Chicago-based Ryerson, Inc., the nation’s second largest service center operation, reported a net loss for 2014 of $25.7 million on revenues of $3.6 billion. Revenues for the year were up 4.7 percent compared with 2013, but margins declined and expenses increased, notably due to the company’s initial public offering in the third quarter.

"We showed year-over-year improvement in our key metrics for 2014 despite second-half margin pressure driven by metal price deflation, high metal import levels and high service center level inventories," said Mike Arnold, Ryerson's president and chief executive officer. "For the year, we continued to effectively manage gross margins, expenses and working capital, and the company captured a steady expansion in our targeted areas of processed plate and long products. Based on adjusted EBITDA, excluding LIFO, we had one of our best performances in years."

Ryerson reported revenues of $868.4 million for fourth-quarter 2014, an increase of 8.2 percent year-over-year. Net income for the quarter was $4.8 million, down from $118.2 million in the year-ago period.

At year-end 2014, Ryerson completed the acquisition of Fay Industries, a privately-owned service center with annual revenue of approximately $30 million. Fay brings extensive bar and tube processing capabilities to Ryerson and enhances the company’s ability to serve industries including heavy equipment, mining, oil and gas, and industrial maintenance and repair.

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Tuesday, December 12, 2017