Russel profit shrinks as steel demand ‘sluggish’
Feb 13, 2013 | 04:18 PM
| Corinna Petry
CHICAGO Russel Metals Inc. posted net income of Canadian $98.8 million ($98.61 million) last year, down 16.5 percent from C$118.3 million in 2011 despite an 11.4-percent jump in sales to just over C$3 billion ($2.99 billion).
The companys fourth-quarter net income of C$20.4 million ($20.36 million), down 28.4 percent from C$28.5 million in the same period a year earlier, included income from oilfield equipment distributor Apex Distribution Inc., which contributed $6 million in operating earnings after Russel acquired it in November 2012 (amm.com, Nov. 9). But the positive contribution to Russels energy-products segment....
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