By Stephen Nakrosis
Metal distribution company Russel Metals Inc. said Thursday that "steel availability has improved modestly and inventory in the supply chain has increased early in the fourth quarter."
The company also said, "We expect this modest improvement to continue for the balance of the quarter," adding, "Demand is expected to remain strong for the remainder of 2021 and thereby result in a favorable supply and demand balance."
On Steel:
Steel prices continued to rise in the third quarter of 2021, the company said.
"Our steel distributors segment continued to benefit from strong demand, higher steel prices and low inventories in the supply chain and reported growth in both revenues and operating profit," Russel said.
On Metals Services:
Russel said, "Metals service centers experienced an increase in selling price per ton of 87% compared to the 2020 third quarter and 19% compared to the 2021 second quarter." The company also said tons shipped in metals service centers increased 1% from the same period in 2020 "but decreased by 12% from the 2021 second quarter, due to the seasonally slow summer months and the Quebec construction holiday."
On Energy Sector:
"The energy sector activity is expected to continue to improve as a result of the recovery in oil and natural gas prices," Russel said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com