Russel Metals posts net loss of $9 million in the fourth quarter

Russel Metals says it lost more money in the fourth quarter than in the same period in 2019.

The Mississauga-based company says it had a net loss of $9 million in the three months that ended Dec. 31, compared with a loss of $7 million in the same period in 2019.

On a per-share basis, Russel Metals says it lost 14 cents per share in the fourth quarter, compared with a loss of 11 cents per share a year earlier.

The metal distribution company says revenue fell 20 per cent to $671 million in the quarter, down from $837 million in the final three months of 2019.

Chief executive John Reid says that despite the fourth-quarter loss, distribution centres saw improved prices and demand in the fourth quarter.

Reid says that steel prices have recently increased amid rising energy prices, that will help rebalance the supply chain for the company.