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Russel Metals (RUS) investor relations material
Russel Metals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Revenues for the first nine months of 2025 increased 10% year-over-year, reaching $3.55 billion, with Q3 revenue at $1.2 billion, driven by acquisitions and shipment growth.
EBITDA rose 13% year-over-year, reaching $75 million in Q3 2025, and annualized ROIC was 16%, exceeding targets.
U.S. operations now represent 44% of revenues, expected to surpass 50% post-Klöckner acquisition.
Returned $38 million to shareholders in Q3 2025 through $24 million in dividends and $14 million in share buybacks; year-to-date buybacks and dividends totaled $63 million and $72 million, respectively.
S&P credit rating upgraded to BBB-, now investment grade by both S&P and DBRS.
Financial highlights
Q3 2025 revenues were $1.2 billion, up 7% year-over-year, with EBITDA of $75 million (6% margin) and EPS of $0.63.
Book value per share increased by $1.27 over the past year, now above $29.
Net income for Q3 2025 was $35 million; net debt reduced to $87 million, and liquidity stood at $600 million.
Gross margin for the first nine months of 2025 improved to 22.0% from 21.0% in 2024.
EBITDA for the last twelve months ended September 30, 2025, was $330 million, marking three consecutive quarters of growth.
Outlook and guidance
Q4 2025 expected to see typical seasonal volume declines and margins consistent with late Q3 levels.
Gross margins stabilized at lower levels in August and September, expected to remain flat in Q4.
Ongoing focus on capital deployment, with Klöckner acquisition expected to close by early 2026.
Medium-term growth expected from U.S. industrial manufacturing, Canadian infrastructure, and acquisitions.
Energy field stores projected to maintain strong performance into 2026.
How does Kloeckner acquisition change revenue mix?
Explain Q3 gross margin moderation and Q4 outlook
Detail capital reduction from Samuel acquisition
Kloeckner integration: What are key synergy targets?
Leverage capacity while maintaining investment grade?
U.S. ag sector: Whipsaw effect timing
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Next Russel Metals earnings date
Q4 202512 Feb, 2026
Next Russel Metals earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Russel Metals Inc is a metals distribution company offering steel and other metal products to industrial customers across North America. The company operates through service centers, energy product distribution, and steel distributors, supplying sectors such as construction, manufacturing, and oil and gas. Russel Metals provides a range of value-added processing services alongside distribution. The company is headquartered in Mississauga, Canada, and its shares are listed on the TSX.
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