Reliance Steel saw its profit climb in fourth-quarter 2014 on the back of higher pricing and improved demand across most end-markets. The California-based metals processor logged profit of $92.3 million or $1.18 per share in the quarter, a 49.4% jump from $61.8 million or 79 cents per share registered a year ago.
Barring one-time items including costs related to antitrust litigation and gains on acquisition and divestments of non-core assets, earnings were $1.01 per share.
The steel billet cash price closed Thursday, February 19 at $415.00 per metric ton, halting its three-day flat run on the LME with a 14.4% drift. The 3-month price of steel billet fell 12.9% on Thursday on the LME to $405.00 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 450.00 ($71.96) and a low price of CNY 445.00 ($71.16) per dry metric ton. The price of Chinese HRC showed little movement yesterday at CNY 2,490 ($398.16) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,080 ($172.70) per metric ton.
US HRC futures contract 3 month saw its price drop 0.4% to a 30-day low of $533.00 per short ton on Thursday. The spot price of the US HRC futures contract saw little price change on Thursday at $530.00 per short ton.