Investor Relations

2020 First Quarter Results


Revenues of $815 Million and EBITDA of $36 Million
Liquidity of $393 Million and Net Debt to Invested Capital 31%

Three Months Ended
March 31, 2020December 31, 2019March 31, 2019
Revenues $ 815$ 837$ 1,033
Net Income (Loss)11(7)34
Earnings (Loss) per share0.17(0.11)0.55
Free Cash Flow per share10.410.040.94
Cash from Operations68141(6.1)
Shareholders' Equity980945988
Dividends Paid per common share0.380.380.38

All amounts are reported in millions of Canadian dollars except per share figures, which are in Canadian dollars.

1EBITDA, EBIT and Free Cash Flow per share are non-GAAP measures.  EBITDA represents earnings before interest, finance expense, taxes and depreciation.  EBIT represents earnings before interest, finance expense and taxes.  Free cash flow per share represents cash from operating activities before change in working capital less capital expenditures divided by average shares outstanding for the period.  Our Management’s Discussion and Analysis includes additional information regarding these non-GAAP measures, including a reconciliation to the most directly comparable GAAP measures, under the headings “Non-GAAP Measures”, “EBIT and EBITDA”, and “Free Cash Flow”.

Mr. John G. Reid, President and CEO, commented, “we quickly established health and safety protocols surrounding our approach to the pandemic, putting the welfare of the Russel family, customers and suppliers first and foremost. Over our history, we have reinforced our businesses to adapt to changes in economic cycles by empowering local management.  Our managers in the field continue to demonstrate their keen business acumen as they adjust to this unique challenge.”

Mr. Reid commented further “operationally, steel prices began to decline late in the quarter and demand flattened.  The increased oil supply drove down the price of oil and, coupled with the deterioration of the economy due to the pandemic, further pressured our energy operations as our customers rapidly reduced capital spending. As this unprecedented environment evolved, our operations have worked tirelessly to adapt.”

Mr. Reid continued, “as a critical member of the supply chain, we have been categorized as an essential business under applicable government orders and we continue to serve our customers who have also been deemed essential. We have reduced our workforce to coincide with the reduction of business activity and our counter-cyclical cash flows will continue to generate cash in the 2020 second quarter.”

Financial Reports

It is essential to the success of our business to keep all stakeholders well informed at all times.

See all Financial Reports

News Releases

Below are the most recent news releases issued by Russel Metals.

See all News Releases


Board of Directors and Officers


Corporate Governance


Conference Calls




Stock Information


Shareholder Information


Analyst Coverage


Debtholder Information


E-Delivery of Materials