February 15, 2012 / 10:44 PM / 6 years ago

UPDATE 1-Russel Metals profit rises on higher sales

FEB 15 - Steel products maker Russel Metals reported an 87 percent rise in fourth-quarter profit, helped by strong performance across all its segments.

The metals processing and distribution company earned C$28.5 million ($28.57 million), or 46 Canadian cents a share, compared with C$15.2 million, or 26 Canadian cents a share, a year ago.

Revenue rose 26.6 percent to C$711.6 million.

Russel, which sells steel and steel products, and produces specialized steel tubing for the energy sector, said revenue from its steel distributor segment rose 65 percent to C$101 million in the quarter.

Metals service center segment revenue rose 23 percent to C$375 million, the company said.

The company’s shares, which have gained 8 percent in the past three months, closed at C$25.51 on Wednesday on the Toronto Stock Exchange.

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