Russel Metals upbeat on energy tubular mart
Nov 01, 2012 | 11:03 AM
| Corinna Petry
Tags
Russel Metals,
energy tubular,
Marion Britton,
corinna petry
CHICAGO — Russel Metals Inc. is optimistic about the continued strength of demand in the tubular market.
Activity in the energy tubular products segment increased during the third quarter due to orders for large-diameter pipe for mid-stream collection systems, according to the Mississauga, Ontario-based company, which operates metal warehouses, processing centers and energy tubular businesses.
However, the positive impact of year-on-year volume increases in the company’s energy tubular products segment was reduced by lower gross margins during the period.
The energy tubular segment, clustered in Alberta, Colorado and Texas, posted revenue of $249.3 million during the third quarter and $715.8 million for the first nine months of the year, up 11.6 percent and 20.8 percent, respectively, from the comparable 2011 periods. Operating earnings rose 4.6 percent to $15.8 million and 3.9 percent to $45.2 million in the same comparisons.....
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