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Profit was $84.9 million, up 74 percent from the third quarter of 2010, but down 14 percent from second quarter 2011.
For the first nine months of 2011, sales increased 29 percent year-over-year to $4.73 billion. Profit improved 78 percent to $154.9 million.
Tons sold for the 2011 third quarter were up 13 percent from the 2010 third quarter and up 4 percent from the 2011 second quarter. Average prices per ton sold in the 2011 third quarter were up 16 percent compared to the 2010 third quarter and were relatively flat compared to the 2011 second quarter.
For the 2011 third quarter, carbon steel sales were 53 percent of net sales; aluminum sales were 15 percent; stainless steel sales were 15 percent; alloy sales were 11 percent; toll processing sales were 2 percent; and other sales were 4 percent.
"Overall, during the 2011 third quarter, we saw better demand from our customers than we anticipated; however, there was significant downward pressure on pricing and margins, especially during July and August as mill prices for most all of the products we sell were declining," CEO David H. Hannah said. "Our strongest markets continued to be in energy, oil & gas, aerospace, farm and heavy equipment, and auto (through our toll processing business). The quarter also benefited from the strong earnings of our most recent acquisition and a lower than anticipated tax rate; however, this was partially offset by foreign currency losses due to the strengthening of the U.S. dollar."
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