Investor Relations

2020 Third Quarter Results

Revenues of $615 Million and EBITDA of $47 Million
Liquidity of $521 Million and Net Debt to Invested Capital 26%

	Three Months Ended			Nine Months Ended
	September 30, 2020	September 30, 2019	June 30, 2020	September 30, 2020	September 30, 2019
Revenues	$ 615	$ 869	$ 588	$ 2,018	$ 2,839
EBITDA¹	47	49	32	114	185
EBIT¹	32	35	16	68	144
Net Income	18	18	5	33	83
Earnings per share	0.29	0.29	0.07	0.54	1.34
Free Cash Flow per share¹	0.46	0.51	0.25	1.12	2.16
Cash from Operations	81	65	116	265	109
Shareholders' Equity	918	984	931	918	984
Dividends Paid per common share	0.38	0.38	0.38	1.14	1.14

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, “I would like to acknowledge all of our employees for their continued commitment and discipline to our safety protocols as they work diligently to ensure the safety of their families, colleagues, and business partners. The persistence of the virus in the communities that we serve has prolonged the 2020 challenges and your efforts are truly inspiring.”

Mr. Reid concluded, “Although business conditions remain challenging, they are improving. Late in the 2020 third quarter and early in the 2020 fourth quarter our metals service centers and steel distributors experienced a modest increase in demand and a rapid increase in coil and plate pricing. In our energy products segment, we have seen rig counts improve slightly and energy prices remain range bound. Results at the line pipe/OCTG component of this segment reflect the depressed rig counts, however, they made solid progress reducing their capital employed primarily through inventory reductions and remain focused on continuing to reduce their capital.”