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Ryerson's Sales Gain Against Second Quarter

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Ryerson reported third-quarter sales of $832 million, an increase of 7.7 percent from the prior quarter though down 24.7 percent compared with the same quarter in 2019. For the year to date, Ryerson’s revenues of $2.61 through nine months were down 26.2 percent compared with the prior year.

Ryerson reported a net loss of $39.9 million in the quarter, compared with net income of $10.1 million in the prior-year third quarter. Net loss attributable to Ryerson was $49.1 million in the first nine months, a reversal from the $56 million reported through three quarters of 2019.

“There is a resiliency and undiminished enthusiasm in this organization to provide great customer experiences while looking out for one another and our communities in a manner reflective of the three immutable virtues of safety, health, and goodwill.  This was an essential quarter of continued shared sacrifice performed brilliantly by essential people, thank you,” said Ryerson President and CEO Eddie Lehner.

Tons shipped in the quarter increased 7.7 percent from the second quarter, while the average selling price climbed 1.7 percent. Tons shipped were down 17.6 percent compared with 2019, while the average selling price was down 10.4 percent.

Carbon steel shipments of 377,000 tons tons increased 4.4 percent compared with the prior quarter, but were down 18.2 percent on a year-over-year basis. Aluminum shipments in the quarter increased 22.5 percent compared with the prior quarter, but down 16.9 percent for the year, while stainless shipments increased 6.8 percent from the second quarter, but were 17.1 percent below third-quarter 2019.

Though the company balked at giving guidance due to the pandemic, executives noted the first several weeks of the quarter produced improving per-day trends in revenue, gross margin, average selling price and volumes.

 

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