Ryerson Reports Q1 Sales of $1.15 Billion
By Metal Center News Staff
on May 11, 2021
Chicago-based Ryerson reported net sales of $1.15 billion in the first quarter, a 13.6 percent increase from the same three months in 2020. The revenue gains were driven by an 18.4 percent increase in average selling prices, as tons shipped declined 4.1 percent.
Net income attributable to Ryerson Holding Corporation for the first quarter of 2021 was $25.3 million, more than 50 percent better than the $16.4 million reported during Q1 2020.
“Despite ongoing risks and challenges presented by the COVID-19 pandemic, Ryerson is harvesting the benefits of its improved operating model while further strengthening its balance sheet with opportunities to accelerate debt reduction in firm sight. We share a collective gratitude of working safely and together as we navigate through year two of the pandemic,” said Eddie Lehner, president and CEO of Ryerson.
Ryerson’s sales quarterly sales gains were across the board. Carbon steel sales increased 14.9 percent to $587 million, aluminum sales were up 9.5 percent to $241 million and stainless sales grew 14.8 percent to $302 million. The average selling price on carbon products was up 26.8 percent, followed by stainless products up 15.3 percent and aluminum products up 7.8 percent. However, aluminum was the only segment that saw a year-over-year gain in shipments, up 1.9 percent.