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Russel Metals RUSSEL METALS ANNOUNCES 2021 FIRST QUARTER RESULTS FOR IMMEDIATE RELEASE TORONTO , CANADA -- May 4 , 2021 -- Russel Metals Inc. ( RUS - TSX ) announces financial results for three months ended March 31 , 2021 . Revenues EBITDA¹ Adjusted EBITDA¹ Net Income ( Loss ) Revenues of $ 885 Million and EBITDA of $ 129 Million Liquidity of $ 444 Million and Net Debt to Invested Capital 18 % Earnings ( Loss ) per share Cash from Operations Dividends Paid per common share Mar 31 2021 $ 885 129 129 81 1.29 96 0.38 Three Months Ended Dec 31 2020 $ 671 11 41 ( 9 ) ( 0.14 ) 106 0.38 Mar 31 2020 $ 815 36 39 11 0.17 68 0.38 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 basic earnings per share of $ 1.29 for the quarter ended March 31 , 2021 , was significantly higher than the $ 0.17 per share recorded in the first quarter of 2020 and the loss of $ 0.14 reported in the fourth quarter of 2020 . Revenues of $ 885 million were higher than the $ 815 million experienced in first quarter of 2020 and the $ 671 million in the fourth quarter of 2020. Our gross margins improved to 28.8 % compared to 18.7 % in the same quarter of 2020 and 20.8 % in the fourth quarter of 2020. Our Adjusted EBITDA , which equaled EBITDA , for the quarter was $ 129 million compared to Adjusted EBITDA of $ 39 million in the same quarter of 2020 and $ 41 million in the fourth quarter of 2020 . During the 2021 first quarter , EBITDA was reduced by $ 2 million related to the mark - to - market of non - cash stock based compensation as compared to $ 4 million in the 2020 fourth quarter . The quarter's results include $ 3 million in federal government wage subsidies as compared to $ 8 million in the 2020 fourth quarter . Each of our segments generated a substantial improvement in operating profit for the first quarter of 2021 versus the fourth quarter of 2020. The metals service centers segment generated a record operating profit as a result of strong market conditions , the transactional approach to our business model and the impact from our value - added processing initiatives . The steel distributors segment generated an improvement in operating profit for the quarter due to favourable conditions that allowed our U.S. business , in particular , to benefit from market opportunities . Our energy segment generated an improvement in operating profit as a result of our recent initiatives that were focused on repositioning the segment and reducing the capital employed in OCTG and line pipe . Market Conditions Steel prices increased substantially in the later part of 2020 and early 2021 , due to increases in scrap and iron ore prices , improvements in demand and low inventory levels in the supply chain . This resulted in increased revenues and gross margins in our metals service centers and steel distributors segments . Metals service centers had a quarter - over - quarter increase in tons shipped of 10 % , exceeding pre - pandemic volume and a quarter - over quarter increase in selling price per ton of 26 % . Compared to the 2020 first quarter , tons shipped increased 4 % and selling price per ton increased 28 % . Demand in energy products has also begun to recover from the low levels experienced in 2020 but remains below pre - pandemic levels .