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Russel Metals RUSSEL METALS ANNOUNCES 2021 SECOND QUARTER RESULTS FOR IMMEDIATE RELEASE TORONTO , CANADA -- August 5 , 2021 Russel Metals Inc. ( RUS - TSX ) announces financial results for three months ended June 30 , 2021 . Revenues EBITDA¹ Adjusted EBITDA¹ Net Income Revenues of $ 1,068 Million and Record EBITDA of $ 178 Million Liquidity of $ 514 Million and Net Debt to Invested Capital 10 % Earnings per share Cash from Operating Activities Dividends Paid per common share Three Months Ended Jun 30 2020 $ 588 32 32 5 Jun 30 2021 $ 1,068 178 178 118 1.88 110 0.38 0.07 116 0.38 Mar 31 2021 $ 885 129 129 81 1.29 96 0.38 Six Months Ended Jun 30 2021 $ 1,954 307 307 198 3.18 206 0.76 Jun 30 2020 $ 1,403 67 71 15 0.24 184 0.76 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 " , " Reconciliation of net earnings to Adjusted EBITDA " . Our basic earnings per share of $ 1.88 for the quarter ended June 30 , 2021 was a record and significantly higher than the $ 0.07 per share recorded in the second quarter of 2020 and the $ 1.29 recorded in the 2021 first quarter . For the six months ended June 30 , 2021 , our basic earnings per share of $ 3.18 compared to $ 0.24 for the same period in 2020. Revenues of $ 1.1 billion were higher than the $ 588 million experienced in second quarter of 2020. Our gross margins improved to 30.7 % compared to 18.7 % in the same quarter of 2020 and 28.8 % in the 2021 first quarter . Our EBITDA was $ 178 million for the quarter compared to $ 32 million in the same quarter of 2020 and $ 129 million for the 2021 first quarter . During the 2021 second quarter , EBITDA was reduced by $ 8 million related to the mark - to - market of non - cash stock - based compensation due to the increased share price during the quarter as compared to $ 2 million for the 2021 first quarter . Each of our business segments generated a substantial improvement in operating profit as compared to the same quarter of 2020 and the 2021 first quarter . In the 2021 second quarter , our metals service centers segment reported record operating profits and return on net assets , as this segment continued to maximize margin opportunities from the strong market conditions and realize the benefits from our value - added processing initiatives . Our steel distributors segment benefited from improved demand , higher steel prices and low inventories in the supply chain , and reported strong growth in both revenues and operating profit . In our energy products segment , the recovery of oil and natural gas prices and the relatively mild spring break up in Canada led to improved operating profit in what is typically a seasonally slow second quarter . Market Conditions Steel prices continued to rise in the 2021 second quarter . Metals service centers experienced an increase in selling price per ton of 53 % compared to the 2020 second quarter and 19 % compared to the 2021 first quarter . Tons shipped in metals service centers increased 25 % from the same period in 2020 and 3 % compared to the 2021 first quarter . The 2021 second quarter volumes were above the pre - pandemic level due to increased demand . Steel distributors also experienced an increase in demand and selling price per ton due to low inventory levels in the supply chain and product shortages . Demand in the energy products segments continues to recover , albeit at a slow pace .