Russel Metals Revenue Jumps 56% to Record C$1.82 Billion in Q3

Russel Metals Inc. posted record third-quarter revenue of C$1.8191 billion, a 56% increase from a year earlier, as strong market conditions and improving margins supported the metals distributor’s results. Adjusted EBITDA and adjusted earnings per share also reached records.

Revenue for the three months ended Sept. 30 compared with C$1.1669 billion in the same quarter of 2025. Adjusted earnings per share rose to C$2.67 from C$0.60. Earnings per share on a reported basis were C$2.29, compared with C$0.63 a year earlier.

Net earnings totaled C$125.5 million, up from C$35 million in the year-earlier quarter. Adjusted net earnings were C$146.4 million, compared with C$33.4 million. Adjusted EBITDA reached C$230.1 million, up from C$72.9 million.

The company’s adjusted calculations leave out mark-to-market stock-based pay and gains tied to selling the Delta property and Color Steels. The adjusted and reported figures therefore reflect different calculations of earnings.

U.S. operations accounted for 57% of revenue, compared with 43% in the third quarter of 2025. Branches acquired from Kloeckner Metals contributed C$237 million in revenue and C$33 million in EBITDA during the quarter.

Its business includes service centers for metals, energy field stores and steel distribution operations. Revenue, adjusted EBITDA and adjusted earnings per share each set quarterly records.