Illinois-based metal processor and distributor, Ryerson has not provided its guidance for the last quarter of the year, given the uncertainties prevailing amid the COVID-19 pandemic.
In January-September, the company’s total shipment declined by 17.6pc to 1.5mn t (1.3mn mt) from 1.8mn t in the same period in 2019. The firm’s carbon steel shipments in the first nine months rose by 17.4pc to 1.1mn t from 1.4mn t during the prior year. Meanwhile its aluminum and stainless-steel shipments fell by 20.8pc and 15.7pc, respectively, to 141,000t and 199,000t from 178,000t and 236,000t in the annual nine-month comparison.
Q3 2020 operations:
In the third quarter of the year the company’s total shipments fell by 18.2pc to 489,000t from 598,000t from Q3 2019. Carbon steel shipments fell by 18.2pc to 377,000t in Q3 2020 compared to 461,000t in Q3 2019. Ryerson’s shipments of aluminum and stainless-steel fell by 16.9pc and 17.1pc, respectively, in the third quarter, to 49,000t and 63,000t from 59,000t and 76,000t in Q3 2019.
The firm’s net sales in January-September were $2.5bn compared to $3.4bn during the same period last year. In Q3 2020, net sales stood at $817mn,down from $1bn in Q3 2019.
The company’s adjusted EBITDA fell by 39.7pc to $86.4mn in January- September period from $143.2mn in the prior year period. Its Adjusted EBITDA in rose by 6.4pc in Q3 2020 to $31.4mn from $29.5mn in Q3 2019.