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Russel Metals (RUS) reported 1Q earnings of C$0.53/share, beating the Street’s $0.51 and 4Q earnings of C$0.46 while matching EPS from a year ago.

Guidance was qualitative and included a decrease in 2Q revenue compared with 1Q because of a seasonal drop in the energy tubular products business. The metals service center and steel distributors divisions should show increases, although yoy growth won’t be as high as in 1Q, the company said. Steel prices are expected to be stable, as in 1Q, with no clear direction going forward.

Russel said the demand outlook is stable, with the US showing more growth than Canada. Imports have been increasing over the past month, however, with Turkish industrial tubing coming in on the East Coast along with Russian plate and Chinese line pipe.

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