Soft summer not dimming Russel’s outlook

Aug 03, 2012 | 01:44 PM | Corinna Petry

Tags  Russel Metals, Brian Hedges, Marion Britton, steel prices, energy tubular, shale play, corinna petry

CHICAGO — The summer has proved challenging for some North American service centers, Russel Metals Inc. executives said Friday, citing a softening in demand and an inability to pass along the full extent of announced price increases on sheet products, but they continue to expect a strong performance during the second half of the year.

The Mississauga, Ontario-based company said its U.S. and Canadian service center, master distributor and energy tubular businesses have seen downward pressure on steel pricing this summer due both to lower demand and plentiful offshore supply, impeding Russel’s ability to pass along the full extent of flat-rolled price hikes, vice president and chief financial officer Marion E. Britton said during a quarterly conference call. "Some mill announcements don’t get pushed to customers immediately."....

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