Ryerson reports Q3 EPS $1.00 vs. $1.46 a year ago

Reports Q3 revenue $1.247B vs. $1.543B a year ago. Eddie Lehner, Ryerson’s President and CEO, said, “I want to thank all of my Ryerson teammates for their continued efforts creating and sustaining a safe and productive operating environment. Additionally, I want to thank our customers for affording us the opportunity to contribute as an integral part of their supply-chains, which we never take for granted. Counter-cyclical conditions that emerged in the second quarter of 2023 continued to impact our industry during the third quarter, highlighted by shifting consumer spending patterns, higher interest rates, tightening credit conditions, decelerating manufacturing activity, as well as global economic slowing particularly in Europe and China. Prices across our product mix decreased during the quarter, while lower transactional customer quoting activity and reduced OEM customer order sizes put downward pressure on average selling prices and compressed gross margins. Despite unfavorable market conditions, we generated cash from operations and working capital release, reduced net debt, reduced costs, provided returns for shareholders, invested in growth through the acquisition of Norlen Incorporated in early October, and continued start-up activities at our new service centers in University Park, Illinois, Las Vegas, Nevada and the expansion of our service center in Shelbyville, Kentucky.