Russel Metals Inc. announced financial results for the fourth quarter and the year ended December 31, 2020. Net earnings for the full year totaled $25 million, compared to net earnings of $77 million in 2019. Revenues for the year totaled $2.7 billion compared to $3.7 billion in 2019.
In the 2020 fourth quarter, the company reported a net loss of $9 million, compared to a net loss of $7 million in Q4 2019 and a net income of $18 million in Q3 2020. Revenues in the quarter totaled $671 million, compared to $837 million in the prior-year quarter and $615 million in Q3 2020.
In a press release, the company said revenues during the quarter benefited from multiple steel price increases and stronger seasonal demand in the metals service centers and steel distributors segments.
John G. Reid, President and CEO, commented, “Our metals service centers and distribution operations experienced improving demand and multiple price increases in the fourth quarter which provides a springboard going into 2021.”
Reid continued, “Oil prices and rig counts continued to modestly improve in the 2020 fourth quarter. Steel price increases have recently been reflected in rising energy product prices as the supply chain continues to rebalance. During the fourth quarter we continued our strategy to redeploy capital from our OCTG and line pipe energy operations and 2021 offers further opportunities to advance this initiative.”