Vancouver based Canadian steel wire & wire products maker Tree Island Steel has reported CAD 49.9 million YoY increase in revenues in January-June 2022 to CAD 191.1 million when compared to 2021. The increase is primarily due to pricing increases across all market segments. Gross profit increased to CAD 42.4 million from CAD 29.5 million. The higher gross margins also resulted in an Adjusted EBITDA of CAD 38.0 million, compared to CAD 25.4 million during the same period in 2021.Shipments of a variety of agricultural products, also experienced growth over prior year second quarter, driven particularly by ongoing Canadian market demand. Combined with industrial wire sales, overall Canadian volume showed growth across market segments in the quarter.Tree Island Steel President & COO Mr Remy Stachowiak said “Selling prices were higher in the April-June quarter, recovering inflationary cost increases in our raw materials, freight, labour and utilities. We are cautious in our views on the steel wire and wire product outlook from current volatility in economic conditions. We are closely monitoring future demand with the goal of maintaining a close alignment between raw materials purchases and inventory positions.”Tree Island Steel, headquartered in Richmond, British Columbia since 1964, through its four operating facilities in Canada and the United States, produces wire products for a diverse range of industrial, residential construction, commercial construction and agricultural applications. Its products include galvanized wire, bright wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products; concrete reinforcing mesh; fencing and other fabricated wire products. The Company markets these products under the Tree Island, Halsteel, K-Lath, TI Wire, ToughStrand and ToughPanel brand names.