Chicago, Illinois-based metals distributor Ryerson Holding Corporation today reported results for the second quarter ended June 30, 2020.
Ryerson reported revenues of $772 million in the second quarter of 2020, a decrease of 35.9 percent compared to $1.20 billion for the same period last year, with average selling prices down 13.6 percent and tons shipped down 25.8 percent. As such, the company reported a net loss of $25.6 million in the second quarter of 2020 compared to net income of $16.4 million in the prior year period.
As for an outlook, the company expects the third quarter to be impacted by continued COVID-19 pandemic-induced economic stresses. Through the first few weeks of third quarter, the company noted favorable trends in average selling prices, gross margins excluding LIFO, shipments and bookings relative to the second quarter as it appears that carbon prices are stabilizing in a range, stainless and aluminum prices are on an improving trajectory and demand conditions continue to see incremental improvement in the majority of Ryerson's end-markets. Due to the persisting macroeconomic uncertainty stemming from the COVID-19 pandemic and overall lack of visibility into future demand trends and market conditions in the end-markets in which Ryerson operates, the company will not provide guidance for the third quarter ending September 30, 2020.