Russel Metals’ profits shrink on lower volumes, pricing

May 03, 2013 | 01:42 PM |

Tags  Russel Metals, service centers, energy products, earnings report, Brian Hedges, metal pricing

CHICAGO — Service center operator and energy products distributor Russel Metals Inc. recorded a narrower profit in the first quarter despite a boost in sales as the company saw decreased demand in some sectors as well as lower selling prices.

Mississauga, Ontario-based Russel posted net income of Canadian $21.7 million ($21.5 million) for the three months ended March 31, down 34 percent from C$32.9 million in the same period last year, on revenue that rose 2.4 percent to Canadian $821.8 million ($814.7 million).....

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