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Russel reports $49 million loss in the first quarter.

Publication: Metal Center News
Publication Date: 01-JUN-09
Format: Online
Delivery: Immediate Online Access
Full Article Title: Russel reports $49 million loss in the first quarter.(SERVICE CENTER NEWS)(Financial report)

Article Excerpt
Russel Metals Inc., Mississauga, Ont., reported a net loss of $49 million for the first quarter of 2009, driven by an $83.7 million pre-tax write-down of inventory due to the dramatic decline in steel prices. Net earnings for the first quarter of 2008 totaled $26 million.

Russell reported net sales of $572.1 million for the quarter, a 9.8 percent drop from the same period in 2008.

The company's metals service centers segment experienced a broad based end-user decline in volume of 37 percent from the same period in 2008 and a 16 percent volume decline from the fourth quarter of 2008. Steel distributors were...

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