Ryerson Sales Up 8.6% in 3Q
Metals service center Ryerson Inc., Chicago, IL, reported sales of $1.5 billion in the third quarter 2006, up 8.6% from the prior-year period. Profit was $21.6 million, compared with $30.7 million last year.
"Market demand remained solid and prices continued to rise, especially in stainless," said Neil S. Novich, chairman, president, and CEO of Ryerson. "Our price administration in the quarter was good, as we successfully passed through rising metals costs. ... However, inventory management was unsatisfactory and our level is too high relative to market demand."
Sequentially, tons shipped declined 4.8% on a per-day basis, largely reflecting normal seasonal slowness, while the average selling price per ton increased 8.7% from the second quarter ...