May 12, 2011 / 8:52 PM / in 7 years

UPDATE 1-Russel Metals Q1 profit jumps on higher steel prices

* Q1 EPS C$0.55 vs C$0.15 yr ago

* Q1 rev up 61 pct to C$658 mln (Follows alerts)

May 12 (Reuters) - Metals distribution company, Russel Metals reported a first-quarter profit on rise in steel prices and higher volumes from its steel distributor segment.

The company earned C$33 million, or 53 Canadian cents a share, compared with a profit of C$9.1 million, or 15 Canadian cents a share, a year earlier.

Analysts, on average, had expected earnings of 50 Canadian cents a share, on revenue of C$660.4 million, according to Thomson Reuters I/B/E/S.

Total revenue rose 61 percent to C$658 million and revenue from its steel distributor segment rose 40 percent to C$70 million.

Shares of the company which sells steel and steel products, and produces specialized steel tubing for the energy sector closed at C$25.15 on Thursday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Joyjeet Das)

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