Toronto, Ontario-based metals distributor Russel Metals Inc. reported Wednesday that Q2 net earnings of $31 million on revenues of $619 million rose compared to Q2 2010 earnings of $25 million on revenues of $507 million. Earnings for the first six months of 2011 also improved 89 percent to $64 million compared to the previous year.
Russel Metals' steel distribution segment had a 35 percent increase in revenues in Q2 to $83 million, and operating profits rose 55 percent to $10 million. In the energy tubular product segment, revenues rose 12 percent to $145 million in Q2. Despite the increase, Russel Metals said in a press release that an unusually wet spring in the Canadian oil country delayed the start of the spring drilling season, which restricted drilling activities and adversely affected the company's operations service that particular sector.