Ryerson Holding Corporation, a value-added processor and distributor of industrial metals, today reported results for the fourth quarter and full-year ended December 31, 2017.
Revenues were $3.4 billion in 2017, up 17.7 percent from 2016, as the average selling price per ton increased by 11.9 percent and tons sold increased by 5.1 percent.
Net income attributable to Ryerson Holding Corporation was $17.1 million in 2017, compared to $18.7 million in 2016.
For Q4, revenues were $810.6 million for the fourth quarter of 2017, up 18.8 percent from the year-ago period. The average selling price per ton increased 11.3 percent, and tons shipped increased 6.8 percent from the fourth quarter of 2016.
Net income attributable to Ryerson Holding Corporation was zero in the fourth quarter of 2017, compared to a net loss of $8.6 million in the fourth quarter of 2016.
As for an outlook, the company said: “Global supply and demand fundamentals appear stronger in 2018 as a weaker US dollar, lower domestic import levels, and supply-side reforms in China seem to support stronger pricing conditions in the US Industrial metals commodity prices for CRU carbon coil and plate products, London Metal Exchange nickel, a key component of stainless products, and Midwest Aluminum all continued to trend higher in the first months of 2018 compared to the fourth quarter of 2017, and should lend further support and stabilization to average industry selling prices. Demand remained positive for most of our key end markets compared to last year, and Ryerson expects these conditions to continue for at least the first half of 2018. Given the supply and demand factors discussed, Ryerson expects further margin expansion in the first quarter 2018 compared to the fourth quarter of 2017.”
Ryerson added that in light of the 25 percent tariff on steel imports announced by Donald Trump last week, the company anticipates the move to have an “upward bias on pricing conditions for metal products in the US for at least the first half of 2018.”