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Russel Metals RUSSEL METALS ANNOUNCES 2021 THIRD QUARTER RESULTS FOR IMMEDIATE RELEASE TORONTO , CANADA -- November 4 , 2021 three months ended September 30 , 2021 . -- Russel Metals Inc. ( RUS - TSX ) announces financial results for REVENUES OF $ 1.1 BILLION AND EBITDA OF $ 196 MILLION LIQUIDITY GREATER THAN $ 600 MILLION Three Months Ended Revenues EBITDA1 Adjusted EBITDA1 Net Income Earnings per share Cash from Operating Activities Dividends Paid per common share Nine Months Ended Sep 30 2021 Sep 30 2020 Jun 30 2021 Sep 30 2021 Sep 30 2020 $ 1,108 $ 615 $ 1,068 $ 3,062 $ 2,018 196 47 178 502 114 196 47 178 502 118 132 18 118 330 33 2.10 0.29 1.88 5.28 0.54 106 0.38 81 110 312 265 0.38 0.38 1.14 1.14 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 " . A reconciliation of net earnings to Adjusted EBITDA is included below . Our basic earnings per share of $ 2.10 for the quarter ended September 30 , 2021 was a record and significantly higher than the $ 0.29 per share recorded in the third quarter of 2020 and higher than the previous record of $ 1.88 that was set in the second quarter of 2021. For the nine months ended September 30 , 2021 , our basic earnings per share of $ 5.28 compared to the $ 0.54 for the same period in 2020. Revenues of $ 1.1 billion were higher than the $ 615 million experienced in third quarter of 2020 and comparable to the $ 1.1 billion in the 2021 second quarter . Our gross margin percentage improved to 29.8 % compared to 19.0 % in the same quarter of 2020 and was down slightly from the 30.7 % in the 2021 second quarter . Our EBITDA was $ 196 million for the quarter compared to $ 47 million in the same quarter of 2020 and $ 178 million for the 2021 second quarter . During the 2021 third quarter , EBITDA benefited from a reversal of $ 3 million related to the mark - to - market of non - cash stock - based compensation , due to the decreased share price during the quarter , as compared to an $ 8 million expense in the 2021 second quarter . Also , EBITDA for the quarter included $ 3 million in earnings from the TriMark joint venture , as it benefited from strong demand and product pricing . Each of our business segments continued to generate strong operating profit as compared to the same quarter of 2020 and the 2021 second quarter . In the 2021 third quarter , our metals service centers segment reported near record operating profits and returns , as this segment continued to maximize margin opportunities from the strong market conditions and realized the benefits from our value - added processing initiatives . 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 . In our energy products segment , the continued recovery of oil and natural gas prices led to improved revenues from our field stores and supported the profitable liquidation of the U.S. OCTG / line pipe inventory as we exit this segment of the industry . Market Conditions Steel prices continued to rise in the 2021 third quarter . 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 . 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 . Steel