Investor Relations

2020 Year End and Fourth Quarter Results

Annual Revenues of $2.7 Billion and Adjusted EBITDA of $159 Million
Liquidity of $406 Million and Net Debt to Invested Capital 24%

	Three Months Ended			Year Ended
	December 31, 2020	December 31, 2019	September 30, 2020	December 31, 2020	December 31, 2019
Revenues	$ 671	$ 837	$ 615	$ 2,688	$ 3,676
EBITDA¹	11	18	47	125	203
Adjusted EBITDA¹	41	18	47	159	203
Net Income (Loss)	(9)	(7)	18	25	77
Earnings (Loss) per share	(0.14)	(0.11)	0.29	0.39	1.23
Cash from Operations	106	141	81	371	250
Dividends Paid per common share	0.38	0.38	0.38	1.52	1.52

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

¹ Adjusted EBITDA and EBITDA are non-GAAP measures. Adjusted EBITDA represent earnings before long-lived asset impairment, interest, income taxes, depreciation and amortization. EBITDA represents earnings before interest, income taxes, depreciation and amortization. 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”, and “Reconciliation of net earnings to Adjusted EBITDA”.

Mr. John G. Reid, President and CEO, commented, “The global pandemic created a new working environment causing us to adapt our operations as an essential industry and develop new health and safety protocols for our employees and other stakeholders. I want to commend the teams in our service center and distribution operations for their tremendous efforts in successfully navigating 2020 as we emerged a stronger company. Our metals service centers and distribution operations experienced improving demand and multiple price increases in the fourth quarter which provides a springboard going into 2021.”

Mr. Reid continued, “Oil prices and rig counts continued to modestly improve in the 2020 fourth quarter. Steel price increases have recently been reflected in rising energy product prices as the supply chain continues to rebalance. During the fourth quarter we continued our strategy to redeploy capital from our OCTG and line pipe energy operations and 2021 offers further opportunities to advance this initiative.”