August 2, 2012 / 9:44 PM / 5 years ago

Russel Metals profit falls on higher costs

Aug 2 (Reuters) - Steel products maker Russel Metals Inc’s second-quarter profit fell 26 percent on higher costs.

The company’s net profit fell to C$22.8 million, or 38 Canadian cents per share, from C$31.1 million, or 52 Canadian cents per share, a year earlier.

Revenue rose 16 percent to C$718.7 million.

Material costs for the company, which sells steel and steel products, and produces specialized steel tubing for the energy sector, rose 22 percent to C$588.2 million during the quarter.

Shares of the company closed at C$25.49 on Thursday on the Toronto Stock Exchange.

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