Ryerson Holding Corporation, a Chicago-based value-added processor and distributor of industrial metals, today reported results for the third quarter ended September 30, 2017.
Revenues were $864.2 million for the third quarter of 2017, down 1.3 percent from the second quarter of 2017 and up 17.6 percent from the year-ago quarter. Tons sold decreased by 0.6 percent in the third quarter of 2017 compared to the prior quarter and increased 7.3 percent compared to the year-ago period. Additionally, average selling prices per ton decreased 0.7 percent in the current quarter compared to the prior quarter but increased 9.6 percent compared to the third quarter of 2016.
Net income attributable to Ryerson Holding Corporation was $1.7 million for the third quarter of 2017, compared to net income of $0.6 million in the second quarter of 2017, and $8.2 million in the third quarter of 2016.
In a press release, the company said global supply and demand fundamentals appear stronger heading into the fourth quarter compared to the first nine months of 2017, as supply-side reforms in China, a weaker US dollar, and lower domestic import levels support stronger pricing conditions in the US.
Additionally, the company said chrome pricing resets and recent resurgent nickel prices, along with recent mill carbon hot-rolled coil price increases, should lend further support and stabilization to average industry selling prices. Demand remains positive for most key end markets compared to last year, the company said, adding that it anticipates these conditions to continue into the fourth quarter, offset by normal seasonal declines with fewer shipping days and winter holiday seasonality. Given the supply and demand factors discussed, Ryerson anticipates margins to expand into the fourth quarter 2017.