Fort Lauderdale, Florida-based diversified service center Metals USA Holdings Corporation announced Tuesday that Q4 2010 net income totaled $3.1 million on net sales of $323.9 million. Q4 net sales are six percent lower than the $345.3 million in net sales company recorded for Q3 2010, but are still up 32 percent compared to Q4 2009 net sales of $245.3 million. Net income of $11.5 million for the whole of 2010 was more than three times 2009's net income of $3.5 million.
Metals shipments in Q4 2010 were 267,000 net tons (nt), down 2 percent compared with the 273,000 nt shipped in the previous quarter. However, compared with Q4 2009, metals shipments were up 22 percent.
Lourenco Goncalves, Chairman, President and C.E.O. of Metals USA stated: "Fourth quarter shipments were in line with the normal seasonal pattern that incorporates year-end holidays and fewer shipping days. Several steel price increases were announced by the mills in December, but their benefit will not be seen until the first quarter of 2011."
Mr. Goncalves added that "our customers' metal demand in the fourth quarter was consistent with a continuing economic recovery, which has been occurring in parallel with a serious scrap shortage after more than two years of subpar industrial output in the United States. The combined effect of the economic recovery with steel price increases should continue to support the positive momentum we are seeing in our business in the first quarter of 2011."