Houston, Texas-based McJunkin Red Man Corporation (MRC Global), the largest global distributor of pipe, valves and fittings (PVF) and related products and services to the energy and industrial sectors, announced Thursday that in Q4 2011, MRC generated a net income of $3.6 million, compared to a net loss of $13.5 million in Q4 2010. For the full year 2011, MRC's net income was $29 million, compared to a $51.8 million net loss in 2010.
In Q4, sales totaled $1.306 billion-reflecting a 26.2 percent increase from Q4 2010 sales. For the full 2011 year, sales amounted to $4.832 billion, a 25.7 percent jump over the previous year. MRC said that its upstream and midstream sectors, that were driven largely by increased activity in the oil and natural gas shale regions.
Andrew R. Lane, chairman, president and CEO of MRC added that on December 21, 2011, MRC entered into an agreement to acquire the operations and assets of OneSteel Piping Systems. The acquisition is expected to close early this month, subject to the fulfillment of usual and ordinary closing conditions. "After closing, MRC will have Australia's largest full line product offering including carbon steel, stainless steel and alloy pipe, valves, fittings and flanges to serve maintenance, repair and operations (MRO) and project needs of our key customers throughout Australia in oil and gas, mining and mineral processing."