May 11, 2016
 
Ryerson Reverses Losses in First Quarter

Ryerson Holding Corp., Chicago, reported net income of $13.5 million in the first quarter, a reversal from the $2.8 million loss in the same quarter of 2015. It was also an improvement on the $21.5 million loss posted in the prior quarter. Net income totaled $702.6 million during the quarter, a 19.1 percent decrease from first-quarter 2015, but up 5.1 percent from the fourth quarter.

"This was another quarter of exemplary team execution across the Ryerson enterprise," said Ryerson's President and CEO Eddie Lehner during the company’s quarterly conference call with investors and analysts. "During the first quarter, we gained market share, effectively managed expenses and working capital, reduced debt and posted strong earnings. Ryerson is well positioned to capitalize on improvements in the pricing environment as they unfold."

Tons shipped increased 0.4 percent during the quarter, compared to a decline of 8.5 percent for the industry as a whole, as measured by Metals Service Center Institute results. Shipments totaling 478,000 tons were up 8.4 percent compared with the fourth quarter.

Warehousing, delivery, selling, general and administrative expense declined 6.1 percent to $109.3 million for the first quarter of 2016. On an annualized basis, this improvement in the cost position exceeded Ryerson's $20 million targeted reduction.

Ryerson improved its inventory turnover to 74.5 days of supply, compared with 82.6 days in the year-ago period. With tightly managed working capital and positive net income, Ryerson generated cash flow from operations of $47 million.

"We are encouraged by current trends throughout the global metals supply chain where prices are resetting to levels above the cash costs of production," said Lehner. "Although there is a lag effect between mill price increases and service center price realizations, we expect higher metals prices as we move through the second quarter and for the balance of the year based upon current visibility of emergent supply-side trends.”


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