Ryerson Holding Corporation, a value-added processor and distributor of industrial metals, today reported results for the second quarter ended June 30, 2018.
Revenues were $1.06 billion for the second quarter of 2018, up 12.3 percent compared to the first quarter of 2018 due to 8.8 percent higher average selling prices and 3.2 percent higher volume. Compared to the year-ago period, revenues increased 20.8 percent driven by an increase in average selling price per ton of 15.2 percent and higher volume of 4.8 percent.
Net income for Q2 was $17.5 million compared to net income of $10.4 million in the prior quarter and $0.6 million in the year-ago quarter.
In a press release, the company said Ryerson management remains positive on demand conditions in the US for the remainder of 2018, as economic indicators remain strong in the manufacturing economy. The US industrial production index, as measured by the Federal Reserve, has remained elevated through June registering year-over-year monthly growth of three percent or more since February 2018. Trade actions continue to impact metal import flows, which are 10 percent lower in the first half of 2018 compared to the prior year period as reported by the US Census Bureau.