Lewis attributed shipment growth primarily to carbon long and flat-rolled products, adding that Reliance increased gross profit margin year-over-year in those categories. She said the company’s FIFO gross profit margin improved by 90 basis points in 2025 versus 2024 due to pricing discipline and increased mill prices for carbon products supported by “healthy demand.”Lewis said 2025 tons shipped increased 6.2% to a record 6.4 million tons sold, outperforming the industry by more than seven percentage points. ...

Core Viewpoint - Reliance, Inc. is a significant player in the metals service industry, providing a variety of metal processing and distribution services, and competes with major companies like Ryerson Holding Corporation and Olympic Steel [1] Group 1: Company Overview - Reliance operates a network of service centers across North America, offering products such as carbon steel, aluminum, and stainless steel [1] Group 2: Financial Performance - Seaport Global maintained a "Buy" rating for Reliance, increasing the price target from $315 to $340, reflecting confidence in the company's future performance [2][5] - The stock is currently priced at $318.95, with a market capitalization of approximately $16.68 billion [4][5] - During the trading day, the stock fluctuated between a low of $315.24 and a high of $322.15, reflecting market activity [4] Group 3: Earnings Call Insights - RS held its Q4 2025 earnings call, which provided insights into the company's financial performance and strategic direction, highlighting significant achievements or challenges faced during the period [3][5]

Company Overview - Cleveland-Cliffs Inc. is a leading North American steel producer with a vertically integrated business model, leveraging both steelmaking and iron ore mining assets [6] - The company serves a diversified customer base, with significant exposure to the automotive and manufacturing sectors, positioning it as a key supplier in the regional steel industry [6] Financial Performance - As of February 11, shares of Cleveland-Cliffs were priced at $12.48, reflecting a 10.4% increase over the prior year [3] - The company reported fourth-quarter revenue of $4.3 billion, flat year over year, with a net loss of $235 million and an adjusted EBITDA loss of $21 million [10] - For the full year, revenue decreased to $18.6 billion from $19.2 billion, and the net loss widened to $1.4 billion [10] - Liquidity stood at $3.3 billion, with management guiding for 2026 steel shipments of approximately 16.5 to 17.0 million net tons and targeted unit cost reductions of about $10 per net ton [10] Investment Position - Turiya Advisors Asia Ltd initiated a new position in Cleveland-Cliffs by acquiring 7,250,000 shares valued at $96.28 million, which now accounts for 14.75% of the fund's 13F reportable assets under management as of December 31 [2][3] - This allocation indicates a strategic tilt towards economically sensitive assets, complementing a portfolio already concentrated in large technology names and cyclical plays [11] - The significant size of the position suggests a belief that the steel cycle is closer to a trough than a peak, focusing on balance sheet flexibility and cost discipline for long-term investors [12]

Core Viewpoint - MMG's acquisition of Anglo American's Brazilian nickel business may negatively impact European stainless steel production by redirecting ferronickel supplies from Europe, according to EU antitrust regulators [1] Group 1 - MMG is a Hong Kong-listed mining and metals company [1] - The acquisition involves a Brazilian nickel business from Anglo American [1] - EU antitrust regulators have raised concerns regarding the potential impact on European stainless steel production [1]

Core Viewpoint - Russel Metals Inc. has announced an agreement to acquire seven service center locations from Kloeckner Metals Corporation for approximately US$118.6 million, which is part of the company's long-term growth strategy in the US [1][2]. Group 1: Acquisition Details - The acquisition includes working capital, real estate, buildings, equipment, and operating personnel for the seven locations [1]. - The purchase price consists of approximately US$67.1 million for working capital and US$51.5 million for property, plant, and equipment [1][7]. - The service centers are located in Dubuque (Iowa), Charlotte (North Carolina), Suwanee (Georgia), Houston (Texas), Austin (Texas), Jacksonville (Florida), and Pompano Beach (Florida) [1]. Group 2: Financial Performance - Between January 1, 2023, and June 30, 2025, the seven service centers generated average annual revenues of approximately US$500 million and average annual adjusted EBITDA of approximately US$20 million [1]. - Following the acquisition, Russel's revenue base in the US will exceed 50%, up from 30% in 2019 and 39% in 2024 [1]. Group 3: Strategic Implications - The acquisition is expected to enhance inventory management, procurement, and facilitate reinvestments in facility modernizations and value-added equipment over a 2-3 year period [2]. - The transaction will be financed through cash on hand or existing credit facilities, which totaled $566 million as of June 30, 2025 [2].

Core Viewpoint - Russel Metals Inc. is implementing initiatives to streamline operations in Western Canada, aiming to reduce excess capacity, lower invested capital, and enhance operational efficiencies [1][2]. Group 1: Operational Initiatives - The company plans to rationalize excess capacity and redundant locations, which will lead to a reduction in invested capital by approximately $100 million, achieving the upper end of its original goal [2]. - Specific initiatives include the permanent closure of the Delta location in British Columbia and the Saskatoon location in Saskatchewan, with expected cash proceeds from real estate sales exceeding $40 million [6]. Group 2: Financial Impact - Following the acquisition of seven service centers for $225 million, the company has already reduced invested capital by $58 million due to decreased working capital, with further reductions of $40-50 million anticipated from the new initiatives [2]. - A provision for restructuring of approximately $4 million will be recorded in Q3'25 related to the closure of the Delta location [6]. Group 3: Company Overview - Russel Metals is one of North America's largest metals distribution companies, operating in three segments: metals service centers, energy field stores, and steel distributors [3]. - The company offers a wide range of metal products, including carbon steel, stainless steel, aluminum, and other non-ferrous specialty metals, catering to various industries [3].

Core Viewpoint - Friedman Industries has acquired Century Metals and Supplies, Inc., enhancing its market presence and product offerings in the southeastern U.S. and Latin American markets [1][2]. Group 1: Acquisition Details - The acquisition includes working capital, buildings, processing and other equipment, and related real estate [1]. - Century Metals has generated average annual revenues of approximately $111.0 million over the past three fiscal years [1]. - The transaction is an all-cash purchase and is expected to be immediately accretive [1]. Group 2: Strategic Implications - The acquisition broadens Friedman's reach into new regions and enhances its core hot-rolled steel business [2]. - It adds coil slitting capabilities and expands the product portfolio to include cold-rolled, coated, and stainless steels, as well as non-ferrous materials like aluminum, copper, and brass [2]. - The acquisition provides strategic access to growing residential and corrosion-resistant markets [2]. Group 3: Company Background - Friedman Industries is headquartered in Longview, Texas, and operates multiple manufacturing plants across the U.S. [4]. - The company has two reportable segments: flat-roll products and tubular products, processing both ferrous and non-ferrous coils [4].

Core Insights - MRC Global Inc. reported second-quarter 2025 adjusted earnings of 25 cents per share, exceeding the Zacks Consensus Estimate of 23 cents, but down from 31 cents per share in the same quarter last year [1][7] - Total revenues reached $798 million, surpassing the consensus estimate of $772 million, although this represented a slight decrease of 0.1% year over year due to lower sales volumes in the Downstream, Industrial and Energy Transition (DIET) sector [1][7] Revenue Breakdown by Product Line - Revenues from carbon pipe, fittings, and flanges decreased by 11.9% year over year to $200 million [2] - Revenues from valves, automation, measurement, and instrumentation increased by 3.5% year over year to $294 million [2] - Gas product revenues rose by 8.3% year over year to $209 million [2] - Sales of general products increased by 1.7% to $61 million [2] - Sales of stainless steel and alloy pipe and fittings decreased by 2.9% to $34 million [2] Revenue Breakdown by Sector - Revenues from Gas Utilities increased by 4% year over year to $299 million [3] - DIET sales declined by 13% to $223 million [3] - Sales from the PTI sector increased by 8% year over year to $276 million [3] Revenue Breakdown by Segment - Sales from the U.S. segment, which represents 82% of total revenues, totaled $658 million, down 3% year over year due to reduced demand in the DIET and PTI sectors [4] - Sales from the International segment, accounting for 18% of revenues, grew by 15% year over year to $140 million, driven by higher revenues from the PTI sector [4] Margin Profile - MRC Global's cost of sales increased by 2.7% year over year to $647 million [5] - Adjusted gross profit decreased by 4.4% year over year to $172 million, resulting in an adjusted gross margin of 21.6%, down from 22.5% in the previous year [5][7] - Selling, general, and administrative expenses rose by 6.6% year over year to $130 million [5] - Adjusted EBITDA decreased by 16.9% year over year to $54 million [5] Balance Sheet and Cash Flow - As of the end of the second quarter 2025, MRC had a cash balance of $75 million, up from $63 million at the end of December 2024 [6] - Long-term debt, including the current portion, was $449 million, with net debt at $374 million [6] - In the first half of 2025, the company used net cash of $30 million in operating activities, compared to $101 million used in the same period last year [6] 2025 Outlook - MRC Global anticipates its 2025 revenues to increase in the low to high-single-digit range on a year-over-year basis [9]

Core Viewpoint - MRC Global Inc. reported first-quarter 2025 adjusted earnings of 14 cents per share, exceeding the Zacks Consensus Estimate of 8 cents, but down from 21 cents per share in the same quarter last year. Total revenues of $712 million also surpassed the consensus estimate of $710 million, although they decreased by 8.4% year over year due to lower sales volumes in specific sectors [1]. Revenue Summary by Product Line - Revenues from carbon pipe, fittings, and flanges decreased by 22.5% year over year to $162 million. - Revenues from valves, automation, measurement, and instrumentation fell by 0.7% year over year to $277 million. - Gas product revenues remained stable year over year at $187 million. - Sales of general products dropped by 28.1% to $46 million, while sales of stainless steel and alloy pipe and fittings increased by 5.3% to $40 million [2]. Revenue Summary by Sector - Revenues from Gas Utilities increased by 3% year over year to $273 million. - Sales in the Downstream, Industrial and Energy Transition (DIET) sector decreased by 17.7% to $220 million. - Sales from the Production & Transmission Infrastructure (PTI) sector fell by 10.6% year over year to $219 million [3]. Revenue Summary by Segment - Sales from the U.S. segment, which represents 83% of total revenues, totaled $591 million, down 11.4% year over year due to reduced demand in DIET and PTI sectors. - Sales from the International segment, accounting for 17% of revenues, grew by 10% year over year to $121 million, driven by higher revenues from the PTI sector [4]. Margin Profile - MRC Global's cost of sales declined by 7.8% year over year to $570 million. - Adjusted gross profit decreased by 10% year over year to $153 million, with an adjusted gross margin of 21.5%, compared to 21.9% in the previous year. - Selling, general, and administrative expenses rose by 3.3% year over year to $124 million, while adjusted EBITDA decreased by 36.8% year over year to $36 million [5]. Balance Sheet and Cash Flow - At the end of the first quarter of 2025, MRC had a cash balance of $63 million, stable compared to December 2024. - Long-term debt, including the current portion, was $367 million, with net debt at $308 million [6]. - The company generated net cash of $14 million from operating activities, down from $38 million in the year-ago period. - Capital expenditures for property, plant, and equipment were $9 million, up 50% year over year, and no dividends were paid on preferred stock compared to $6 million in the previous year [7]. 2025 Outlook - MRC Global anticipates that its second-quarter 2025 revenues will increase in the high-single to low-double-digit range sequentially, driven by growth across its three business sectors [9].