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Russel Metals RUSSEL METALS ANNOUNCES 2020 ANNUAL & FOURTH QUARTER RESULTS FOR IMMEDIATE RELEASE TORONTO , CANADA February 10 , 2021 -- Russel Metals Inc. ( RUS - TSX ) announces financial results for the fourth quarter and the year ended December 31 , 2020 . -- Annual Revenues of $ 2.7 Billion and Adjusted EBITDA of $ 159 Million Liquidity of $ 406 Million and Net Debt to Invested Capital of 24 % Revenues EBITDA¹ Adjusted EBITDA¹ Net Income ( Loss ) Earnings ( Loss ) per share Cash from Operations Dividends Paid per common share Three Months Ended Dec 31 2019 Dec 31 2020 $ 671 11 41 ( 9 ) ( 0.14 ) 106 0.38 $ 837 18 18 ( 7 ) ( 0.11 ) 141 0.38 Sep 30 2020 $ 615 47 47 18 0.29 81 0.38 Year Ended Dec 31 2020 $ 2,688 125 159 25 0.39 371 1.52 Dec 31 2019 $ 3,676 203 203 77 1.23 250 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 " . Our net earnings for the year ended December 31 , 2020 , were $ 25 million or $ 0.39 per share compared to net earnings of $ 77 million or $ 1.23 per share for 2019. Our adjusted net earnings ( excluding the after - tax impact of non - cash asset impairment charges of $ 26 million related to our U.S. energy operations ) for the year ended December 31 , 2020 were $ 50 million or $ 0.81 per share . Revenues for the year ended December 31 , 2020 were $ 2.7 billion compared to $ 3.7 billion in 2019. Adjusted EBITDA was $ 159 million compared to $ 203 million in 2019 . In the 2020 fourth quarter , our revenues , Adjusted EBITDA and adjusted earnings per share were $ 671 million , $ 41 million and $ 0.22 per share , respectively . Revenues during the quarter benefited from multiple steel price increases and stronger seasonal demand in the metals service centers and steel distributors segments . During the 2020 fourth quarter , items of note that negatively impacted Adjusted EBITDA included a net increase in our inventory valuation reserves of $ 3 million related to our line pipe / OCTG operations and non - cash stock - based compensation expense of $ 4 million due to our improved share price . During the 2020 fourth quarter , we recognized $ 8 million in federal government wage subsidies , as compared to $ 20 million in the 2020 third quarter . 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 . "