Russel squeezed by energy sector downturn

摘要

North American steel service centre group Russel Metals suffered a fall of three-fifths in Q3's netearnings mainly because of weaker demand from the oil and gas sector and reduced margins in itsdistribution segment.The cost of job cuts (C$2 M) and additional inventory reserves (C$8 M) also eroded the bottom line.Net income was C$13 M (US$10 M, ?9 M) versus C$33 M in the year-ago period, on sales revenue25.6% lower at C$773 M.