Ryerson Tull reports second quarter earnings
Chicago metals distributor and processor Ryerson Tull Inc. reported second quarter 2005 net income rose 20 percent due to reduced debt and inventory.
Total sales were $1.5 billion for the second quarter 2005, an increase over the $794.7 million seen for the same period in 2004.
Net income for the second quarter was reported as $26.6 million, or $1.03 per diluted share, compared to $21.3 million, or $0.83 per diluted share, for the second quarter 2004.
Ryerson Tull chairman, president, and CEO, Neil S. Novich said, "While metals prices softened as expected, particularly for carbon flat rolled, our volume remained strong, product diversification -- with approximately half of sales from
stainless and aluminum -- has been beneficial. We feel very good about the way Ryerson Tull and Integris are coming together. And during the quarter, we brought down inventory and debt levels."
Commenting on Ryerson Tulls outlook, Mr. Novich said, "The third quarter is seasonally slower than the first half of the year, due to our customers' summer shutdowns and we anticipate continued pressure on metals pricing. However, we believe our intense focus on operating costs, which has given
us an efficient platform; our aggressive marketing, which is generating internal growth; and recent acquisitions, which have significantly and structurally improved our competitive position, will drive our performance over the long term."
Ryerson Tull Inc. is
North America's leading distributor and processor of metals, with first half 2005 revenues of $3.1 billion. The company services customers through a network of service centers across the United States and in
Canada,
Mexico, and
India.