Ryerson Holding Corporation today reported results for the second quarter ended June 30, 2021. Ryerson achieved revenues of $1.4 billion in the second quarter of 2021, an increase of 23.7 percent compared to $1.1 billion for the first quarter of 2021, with average selling prices 20.1 percent higher and tons shipped 2.9 percent higher.
Net income attributable to Ryerson Holding Corporation for the second quarter of 2021 was $113 million, compared to net income of $25 million in the previous quarter.
In a press release, Eddie Lehner, Ryerson's President and Chief Executive Officer, said, "Given the number and magnitude of the challenges encountered over the past eighteen months, we are all witnesses and participants in bringing out the best in one another. Looking back over the quarter and ahead, more signs are emerging that support a sustained manufacturing expansion featuring recyclable industrial metals that are at the epicenter of current and future societal needs. With supply still unable to meet current and anticipated demand, manufacturing order backlogs keep rolling over and extending, lending further support to favorable pricing dynamics."
Ryerson noted sequential shipment per day improvement in its industrial equipment, food and agriculture and commercial ground transportation end-market sectors during the second quarter of 2021 and the company continues to receive positive demand forecasts from these customers, despite persisting supply challenges. Consumer durable, metal fabrication and machine shop and HVAC sector end-markets saw declines relative to the first quarter of 2021 in North America on supply side constraints across labor, materials and transportation inputs.
Ryerson said the notable price increases in carbon steel products that began in the second half of 2020 have continued to climb as lead times remain extended. Mill capacity has been above 80 percent for the past several months and futures prices remain elevated through year-end. At this point, Ryerson anticipates that prices across all three of its primary commodities will remain elevated at or near 12-month highs through the third quarter and that price normalization will be gradual given supportive demand conditions.