Ryerson reports net loss in Q3

Thursday, 29 October 2020 21:06:24 (GMT+3)   |   San Diego

Ryerson Holding Corporation reported results for the third quarter ended September 30, 2020.

Ryerson reported revenues of $832 million in the third quarter of 2020, an increase of 7.7 percent compared to $772 million for the second quarter of 2020, with tons shipped up 5.8 percent and average selling prices up 1.7 percent. However, the company reported a net loss of $39.9 million in the third quarter of 2020 compared to net income of $10.1 million in the prior year period.

As for an outlook on Q4, the company said in a statement that due to “pandemic induced uncertainties expected to continue through the balance of the year,” Ryerson will not provide formal guidance for the fourth quarter. The company did note, however, that “through the first several weeks of the fourth quarter, per day trends in revenue, gross margin, average selling prices, and volumes are moving higher relative to the third quarter as industrial metal commodity price drivers have improved along with restocking driven demand across a greater number of end markets.”

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