Toronto, Canada-based steel and pipe distributor Russel Metals Inc. reported Thursday a $17.9 million profit in the quarter ending December 31, 2010, compared to a $25.2 million loss in the same quarter of 2009. Revenue totaled $561.5 million for the quarter, up from $432.7 million in Q4 2009.
"Our energy tubular products operations in particular had strong results as improved rig counts and advances in horizontal drilling technology resulted in increased activity in the energy sector," said President and CEO Brian Hedges. "The increases in steel flat rolled prices are starting to be reflected in other steel prices and we remain cautiously optimistic that we will see continued improved results during the first half of 2011 from all three of our business segments."