US’s leading processor & distributor of industrial metals Ryerson has reported USD 1.54 billion of revenue & net income of USD 55 million. Ryerson’s President & Chief Executive Officer Eddie Lehner said “In the third quarter of 2022, Ryerson delivered strong operational and financial performance. Despite decreasing metals prices and declining industry demand, we generated healthy operating cash flow and very strong free cash flow yields through our business model as well as working capital release due to the counter-cyclical nature of our balance sheet. Importantly, the work we have done over the past several quarters transforming our balance sheet means we arc no longer a high-yield debt company. Ryerson is now in a historically strong position to reinvest in the modernization and growth of our intelligent and connected service center network, while continuing to provide returns to shareholders.” Ryerson generated revenues of USD 1.54 billion in the third quarter of 2022, a decrease of 11.5%, compared to USD 1.74 billion for the second quarter of 2022 primarily driven by lower selling prices. Average selling prices declined 9.4% compared to the second quarter while volume declined 2.3%. Net income attributable to Ryerson for the third quarter of 2022 was USD 55.1 million, compared to USD 196.4 million in the previous quarter. Ryerson expects counter-cyclical business conditions to continue through the fourth quarter of 2022. Benchmark carbon, aluminum and nickel price decreases arc anticipated to continue into the fourth quarter while sales volumes experience slowdown driven by seasonal declines in buying as well as decelerating economics in North America, Europe, and China. As such, Ryerson anticipates fourth quarter 2022 revenues in the range of USD 1.25-1.30 billion, with a sequential average selling price decrease of 7% to 11%, and a shipment volume decrease of 8% to 10%.
US’s leading processor & distributor of industrial metals Ryerson has reported USD 1.54 billion of revenue & net income of USD 55 million. Ryerson’s President & Chief Executive Officer Eddie Lehner said “In the third quarter of 2022, Ryerson delivered strong operational and financial performance. Despite decreasing metals prices and declining industry demand, we generated healthy operating cash flow and very strong free cash flow yields through our business model as well as working capital release due to the counter-cyclical nature of our balance sheet. Importantly, the work we have done over the past several quarters transforming our balance sheet means we arc no longer a high-yield debt company. Ryerson is now in a historically strong position to reinvest in the modernization and growth of our intelligent and connected service center network, while continuing to provide returns to shareholders.” Ryerson generated revenues of USD 1.54 billion in the third quarter of 2022, a decrease of 11.5%, compared to USD 1.74 billion for the second quarter of 2022 primarily driven by lower selling prices. Average selling prices declined 9.4% compared to the second quarter while volume declined 2.3%. Net income attributable to Ryerson for the third quarter of 2022 was USD 55.1 million, compared to USD 196.4 million in the previous quarter. Ryerson expects counter-cyclical business conditions to continue through the fourth quarter of 2022. Benchmark carbon, aluminum and nickel price decreases arc anticipated to continue into the fourth quarter while sales volumes experience slowdown driven by seasonal declines in buying as well as decelerating economics in North America, Europe, and China. As such, Ryerson anticipates fourth quarter 2022 revenues in the range of USD 1.25-1.30 billion, with a sequential average selling price decrease of 7% to 11%, and a shipment volume decrease of 8% to 10%.
