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JUNE 2017

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain statements contained in this document constitute forward-looking statements or information within the meaning of applicable securities laws, including statements as to our future capital expenditures, our outlook, the availability of future financing and our ability to pay dividends. Forward-looking statements relate to future events or our future performance. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us, inherently involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Our actual results could differ materially from those anticipated in our forward-looking statements including as a result of the risk factors described in our MD&A and Annual Information Form. While we believe that the expectations reflected in our forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct, and our forward-looking statements included in this document should not be unduly relied upon. These statements speak only as of the date of this document and, except as required by law, we do not assume any obligation to update our forward-looking statements. RISK FACTORS: Such risks and uncertainties include, but are not limited to: the volatility in metal prices; volatility in oil and natural gas prices; cyclicality of the metals industry and the industries that purchase our products; decreased capital and other expenditures in the energy industry; product claims from customers; significant competition that could reduce our market share; the interruption in sources of metals supply; manufacturers selling directly to our customer base; material substitution; credit risk of our customers; lack of credit availability; change in our credit ratings; currency exchange risk; restrictive debt covenants; non-cash asset impairments; the unexpected loss of key individuals; decentralized operating structure; the availability of future acquisitions and their integration; the failure of our key computer-based systems, including our enterprise resource and planning systems; failure to renegotiate any of our collective agreements and work stoppages; litigious business environment; environmental liabilities; environmental concerns or changes in government regulations; legislation on carbon emissions; workplace health and safety laws and regulations; significant changes in laws and governmental regulations; fluctuation of our common share price; dilution; and variability of dividends.

2

3

OVERVIEW OF RUSSEL METALS

We are one of the largest metals distribution and processing companies in North America.

We are one of the largest pipe, valve and fittings companies in North America.

Consolidated Revenues: Six months ended 2017 - $1.6 billion Six months ended 2016 - $1.3 billion Year ended 2016 - $2.6 billion

Based on revenues for the quarter ended June 30, 2017: 67% Canada 33% U.S.

Net Cash - $38 million. Interest expense - $11 million.

Declared dividend of $0.38 per share payable September 15, 2017.

Dividend yield 5.9%.

Market cap based on $25.96 per share is $1.6 billion. Listed on TSX.

EPS – 2011 - 2017

4

Notes: 2012 – restated due to adoption of IAS 19 (amended 2011) 2014 & 2015 – adjusted earnings per share

$-

$0.50

$1.00

$1.50

$2.00

$2.50

2011 2012 2013 2014 2015 2016 Six months 2016

Six months 2017

$1.97

$1.63

$1.37

$2.36

$0.99 $1.02

$0.39

$1.00

NET CASH POSITION 2015 - 2017

5

($500,000)

($400,000)

($300,000)

($200,000)

($100,000)

$0

DEBT EQUITY RATIO

6

-

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2011 2012 2013 2014 2015 2016 Jun-17

THREE DISTINCT SEGMENTS

7

REVENUES SIX MONTHS ENDED 2017 (YE - 2016)

Metals Service Centers

50% (54%) Energy

Products 39% (34%)

Steel Distributors 11% (12%)

OPERATING UNITS

8

METALS SERVICE CENTERS STEEL DISTRIBUTORS ENERGY

CANADA

U.S. METALS SERVICE CENTERS ENERGY

South East

(JMS Russel Metals)

Wisconsin (Williams Bahcall)

Ohio

(Baldwin)

Sunbelt (Texas)

STEEL DISTRIBUTORS

Wirth Steel (Montreal)

Man/Sask Ontario

Quebec (Acier Leroux) Atlantic

Alberta British Columbia (A.J. Forsyth)

Fedmet Tubulars (Alberta)

Comco Pipe (Alberta)

Triumph Tubulars (Alberta)

Apex Distribution (Alberta)

Pioneer (Colorado)

Spartan (Colorado)

Apex Remington (Oklahoma)

9

BALANCE SHEET AS AT JUNE 30, 2017 (millions)

ASSETS EMPLOYED

Cash 164$ 10%

Accounts Receivable 439 26%

Inventories 716 43%

Property, Plant and Equipment 238 14%

Goodwill/Intangibles 82 5%

Other 26 2%

1,665$ 100%

Bank Indebtedness 127$ 8%

Trade Creditors 373 22%

Long-term Debt 296 18%

Other 41 2%

Shareholders Equity 828 50%

1,665$ 100%

FINANCED BY

Plate 17.8% (17.9%)

Structurals (Beams & HSS) 18.2% (21.7%)

Flanges, Valves, Fittings & Other Energy 16.5% (15.7%)

Pipe Products 27.0% (23.3%)

Bars 5.0% (6.0%)

Flat Rolled 7.0% (6.6%)

Non Ferrous 3.5% (3.7%) Other

5.0% (5.1%)

10

BROAD PRODUCT FOCUS BREAKDOWN FOR SIX MONTHS ENDED JUNE 30, 2017 (YE 2016)

11

TOP MILL SUPPLIERS FOR YTD JUNE 2017

% of total purchased Products Purchased

Supplier 1 6.3% Long ProductsSupplier 2 5.0% Flat Roll SteelSupplier 3 4.9% PlateSupplier 4 4.5% TubingSupplier 5 3.7% PipeSupplier 6 3.5% Long ProductsSupplier 7 3.3% Tubing & OCTGSupplier 8 3.3% Flat Roll SteelSupplier 9 3.1% Long Prod / PlateSupplier 10 2.2% PipeTop 10 Suppliers 39.8%

12

SERVICE CENTER/DISTRIBUTION COMPETITORS TOP 14 BY REVENUE

Source: 2014 & 2015 Metals Service Center Institute (except O’Neal)

Public/(in billions) 2016 2015 2014 Private Headquarters

Reliance Steel & Aluminum Co. 8.6$ 9.4$ 10.5$ Public U.SRyerson Inc. 2.9 3.2 3.6 Public U.SRussel Metals Inc. 2.6 3.1 3.9 Public CanadaSamuel, Son & Co. N/A 2.9 3.7 Private CanadaMRC Global 2.5 4.0 5.1 Public U.SKlockner (North America) 2.3 2.9 3.2 Public U.K.NOW Inc. 2.1 3.0 4.1 Public U.SThyssenKrupp Materials NA, Inc. N/A 2.8 2.8 Public U.S.O'Neal Steel Inc. N/A 2.4 2.3 (E) Private U.SSteel Technologies LLC N/A 2.1 2.2 Private U.SWorthington Steel Co. 1.8 1.8 2.2 Public U.SAlro Steel Corp. N/A 1.4 1.4 Private U.SCoilplus Inc. N/A 1.3 1.4 Private U.SOlympic Steel Inc. 1.1 1.2 1.4 Public U.S2016 - Not Available for Private Entities (E) - estimate

MARKET TRENDS

13

14

MONTHLY SERVICE CENTER SHIPMENTS – STEEL PRODUCTS

Source: Metals Service Center Institute

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

0

500

1000

1500

2000

2500

3000

3500

4000

Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17

Can

adia

n sh

ipm

ents

- To

ns in

Tho

usan

ds

US

Ship

men

ts- T

ons

in T

hous

ands

US CANADA

20

220

420

620

820

1020

1220

1420

1620

4-Ja

n-08

4-A

pr-0

8

4-Ju

l-08

4-O

ct-0

8

4-Ja

n-09

4-A

pr-0

9

4-Ju

l-09

4-O

ct-0

9

4-Ja

n-10

4-A

pr-1

0

4-Ju

l-10

4-O

ct-1

0

4-Ja

n-11

4-A

pr-1

1

4-Ju

l-11

4-O

ct-1

1

4-Ja

n-12

4-A

pr-1

2

4-Ju

l-12

4-O

ct-1

2

4-Ja

n-13

4-A

pr-1

3

4-Ju

l-13

4-O

ct-1

3

4-Ja

n-14

4-A

pr-1

4

4-Ju

l-14

4-O

ct-1

4

4-Ja

n-15

4-A

pr-1

5

4-Ju

l-15

4-O

ct-1

5

4-Ja

n-16

4-A

pr-1

6

4-Ju

l-16

4-O

ct-1

6

4-Ja

n-17

4-A

pr-1

7

4-Ju

l-17

HR Sheet Carbon Plate

15

PRICE OF HR SHEET & HR PLATE

Source: American Metal Market

(US $ per ton)

16

CARBON PLATE AND RUSSEL METALS EBIT

Source: American Metal Market

$-

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

$110

$120

$130

$140

$150

$160

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

Q1-2008 Q4-2008 Q3-2009 Q2-2010 Q1-2011 Q4-2011 Q3-2012 Q2-2013 Q1-2014 Q4-2014 Q3-2015 Q2-2016 Q1-2017

EBIT

(mill

ions

of d

olla

rs)

Car

bon

plat

e (U

S$ p

er to

n)

Carbon Plate EBIT

17

SCRAP PRICING

Source: American Metal Market

$-

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

4-Ja

n-08

4-A

pr-0

8

4-Ju

l-08

4-O

ct-0

8

4-Ja

n-09

4-A

pr-0

9

4-Ju

l-09

4-O

ct-0

9

4-Ja

n-10

4-A

pr-1

0

4-Ju

l-10

4-O

ct-1

0

4-Ja

n-11

4-A

pr-1

1

4-Ju

l-11

4-O

ct-1

1

4-Ja

n-12

4-A

pr-1

2

4-Ju

l-12

4-O

ct-1

2

4-Ja

n-13

4-A

pr-1

3

4-Ju

l-13

4-O

ct-1

3

4-Ja

n-14

4-A

pr-1

4

4-Ju

l-14

4-O

ct-1

4

4-Ja

n-15

4-A

pr-1

5

4-Ju

l-15

4-O

ct-1

5

4-Ja

n-16

4-A

pr-1

6

4-Ju

l-16

4-O

ct-1

6

4-Ja

n-17

4-A

pr-1

7

4-Ju

l-17

AMM Scrap Values

18

MILL PRODUCTION TONS

Source: American Metal Market

700

900

1,100

1,300

1,500

1,700

1,900

2,100

5-Ja

n-08

5-

Mar

-08

5-M

ay-0

8 5-

Jul-0

8 5-

Sep

-08

5-N

ov-0

8 5-

Jan-

09

5-M

ar-0

9 5-

May

-09

5-Ju

l-09

5-S

ep-0

9 5-

Nov

-09

5-Ja

n-10

5-

Mar

-10

5-M

ay-1

0 5-

Jul-1

0 5-

Sep

-10

5-N

ov-1

0 5-

Jan-

11

5-M

ar-1

1 5-

May

-11

5-Ju

l-11

5-S

ep-1

1 5-

Nov

-11

5-Ja

n-12

5-

Mar

-12

5-M

ay-1

2 5-

Jul-1

2 5-

Sep

-12

5-N

ov-1

2 5-

Jan-

13

5-M

ar-1

3 5-

May

-13

5-Ju

l-13

5-S

ep-1

3 5-

Nov

-13

5-Ja

n-14

5-

Mar

-14

5-M

ay-1

4 5-

Jul-1

4 5-

Sep

-14

5-N

ov-1

4 5-

Jan-

15

5-M

ar-1

5 5-

May

-15

5-Ju

l-15

5-S

ep-1

5 5-

Nov

-15

5-Ja

n-16

5-

Mar

-16

5-M

ay-1

6 5-

Jul-1

6 5-

Sep

-16

5-N

ov-1

6 5-

Jan-

17

5-M

ar-1

7 5-

May

-17

5-Ju

l-17

Net

Ton

s (0

00's

)

2008 2010 2009 2012 2011 2013 2014 2015 2016

19

OIL AND NATURAL GAS PRICES LOW

Source: Index Mundi

$-

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

$110

$120

$-

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Jun-17

Oil

Pric

es (C

DN

)

Gas

Pric

es (C

DN

)

Natural Gas

Crude Oil

20

NORTH AMERICA RIG COUNT

Source: Baker Hughes

0

250

500

750

1000

1250

1500

1750

2000

2250

0

250

500

750

1000

1250

1500

1750

2000

2250 Ja

n-02

Jul-0

2

Jan-

03

Jul-0

3

Jan-

04

Jul-0

4

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Jan-

14

Jul-1

4

Jan-

15

Jul-1

5

Jan-

16

Jul-1

6

Jan-

17

Jul-1

7

Canada

U.S

RMI OPERATIONS

21

METALS SERVICE CENTERS

ENERGY PRODUCTS

STEEL DISTRIBUTORS

METALS SERVICE CENTERS – STRONG CANADIAN FRANCHISE

Six months 2017 revenues of $802 million, EBIT of $46 million. 2016 revenues of $1.4 billion, EBIT of $58 million.

50 Metals Service Centers in Canada.

14 Metals Service Centers in U.S.

Broad customer base - 26,000 Canadian, 17,000 U.S.

Average invoice 2016 $1,497 (2015: $1,714)

Approximately 3,700 invoices per day (2015: 3,460)

22

23

ROLE OF METALS SERVICE CENTERS

Suppliers Metals Service Centers Customers • Mills producing base metal

products • Source material and

purchase in large quantity

• Manufacturers, fabricators

• Processing includes pickling, blanking, tube production from sheet, coating

• Process material to meet specific customer requirements

• Focused on design, assembly, marketing

• Limited ability to service multiple customer needs

• Arrange logistics for delivery where and when customer needs

• Want just-in time completed parts to production line

• Long lead time order to delivery

• Processing includes cut-to-length; cut parts using laser, oxy fuel or plasma; sawing, blanking, drilling, beveling, welding

• Some eliminating first stage processing

• Large volumes • Some processors provide pickling and coating

• Some end users continue to process parts but source material from service centers

LOCATION OF OPERATIONS

METALS SERVICE CENTERS

24

OPERATIONS METALS SERVICE CENTERS - 64 UNITS

25

Alberta/Manitoba/Saskatchewan – 16 units Canada

British Columbia – 8 units

Ontario – 9 units Atlantic – 5 units

Quebec – 12 units

1 unit 3 units 9 units 1 unit

United States

METALS SERVICE CENTERS PROCESSING CAPABILITIES

• Cutting-to-Length • Stretcher Leveling • Blanking • Leveling • Edge Trimming • Slitting

• Oxygen Fuel Cutting • Plasma Cutting • Hi-definition Plasma Cutting • Laser Cutting • Drilling, Tapping, Beveling

26

• 3D and Tilt Cutting • Fabricating • Bundle Cutting

PROCESSING CAPABILITIES

• Shearing • Braking • Rolling • Shot Blasting

27

28

TOP METALS SERVICE CENTERS CUSTOMERS SIX MONTH ENDED JUNE 30, 2017

Customer End Market Products Purchased

Customer 1 Transportation 1.0% Flat Rolled, TubingCustomer 2 Heavy Equipment Manufacturer 0.8% Plate (Discreet & Plate in Coil)Customer 3 Metals Distribution 0.7% Structurals (WF & I Beam, Structural Angles/Channels)Customer 4 Agriculture 0.6% Plate (Discreet & Plate in Coil)Customer 5 Steel Mill 0.5% Plate (Discreet & Plate in Coil)Customer 6 Heavy Equipment Manufacturer 0.5% Flat Rolled, Tubing, StructuralCustomer 7 Heavy Metal Fabricator 0.5% Plate (Discreet & Plate in Coil)Customer 8 Mining 0.5% Structurals (WF & I Beam, Structural Angles/Channels)Customer 9 Heavy Equipment Manufacturer 0.5% Plate (Discreet & Plate in Coil)Customer 10 Manufacturer 0.5% Structurals (WF & I Beam, Structural Angles/Channels)

% of Sales

$364 $388 $390 $375 $428 $432 $382 $339 $359 $378 $367 $352 $392 $419 $417 $403 $400 $385 $369 $326 $341 $364 $349 $330 $386 $416

10.0%

8.6%

6.2%

5.7%

7.5%

7.1%

5.9%

5.0% 5.0%

5.4% 5.4%

3.8%

5.4%

6.1%

5.3%

3.3%

3.8%

3.3%

2.6%

1.4%

2.8%

6.6%

5.0%

2.2%

5.6% 5.9%

$-

2%

4%

6%

8%

10%

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500 Q

1-11

Q2-

11

Q3-

11

Q4-

11

Q1-

12

Q2-

12

Q3-

12

Q4-

12

Q1-

13

Q2-

13

Q3-

13

Q4-

13

Q1-

14

Q2-

14

Q3-

14

Q4-

14

Q1-

15

Q2-

15

Q3-

15

Q4-

15

Q1-

16

Q2-

16

Q3-

16

Q4-

16

Q1-

17

Q2-

17

($00

0,00

0's)

METALS SERVICE CENTERS REVENUE & OPERATING

PROFIT AS A % OF REVENUES

29

ENERGY PRODUCTS Six months 2017 revenues of $635 million, EBIT of $45

million.

2016 revenues of $881 million, EBIT of $19 million.

Apex Distribution, Apex Monarch & Apex Western Fiberglass - Western Canada

Apex Remington - Central U.S. Fedmet Tubulars & Triumph Tubular - Calgary Comco Pipe & Supply Company - Edmonton

Pioneer Pipe - Denver/ Houston Spartan Energy Tubulars - Houston

Distributes pipe, tube, valves and fittings to energy sector in Western Canada and the United States.

Primarily store pipe in third party yards near end user.

Comco Pipe focuses on supplying capital, MRO and sustaining projects to the energy sector including the oil sands.

Apex Distribution, Apex Monarch & Apex Remington small retail type units located near rig activity.

Highly variable compensation plans enable financial flexibility over the cycle 30

31

ROLE OF PIPE DISTRIBUTORS

Suppliers Pipe Distributors Customers • Mills producing pipe,

valves and fittings • Source material and

purchase in large quantity

• Oil and gas producers/distributors

• Processing includes coating

• Arrange coating if required

• Focused on production

• Limited ability to service multiple customer needs

• Arrange logistics for delivery where and when customer needs

• Want just-in time finished pipe to site/field

• Long lead time order to delivery

• Store product at third party yards, coaters, trucking companies

• Pipe represents small portion of project. Typically contract drilling, etc.

• Service large volume projects

32

ROLE OF VALVE AND FITTING FIELD STORES

Suppliers

Field Stores Customers

• Mills producing pipe, valves and fittings

• High service model

• Oil and gas producers/distributors

• Limited ability to service multiple customer needs

• Located close to customer base

• Focused on production and rig down time

• Service large volume projects

• Inventory management programs and MRO business

• Repeat business due to maintenance and repair

WELL POSITIONED TO SERVICE NORTH AMERICAN ENERGY SECTOR

25

ENERGY PRODUCTS

33

ENERGY PRODUCTS - 67 UNITS

34

United States

Alberta/Manitoba/Ontario – 5 units

Colorado / Texas – 6 units

Alberta – 1 unit Alberta – 1 unit

Texas – 1 unit

Canada Alberta/B.C./Manitoba/Saskatchewan – 40 units

East and Central U.S. – 12 units

35

TOP ENERGY PRODUCTS CUSTOMERS SIX MONTHS ENDED JUNE 30, 2017

Customer End Market Products Purchased

Customer 1 Oil drilling, Gas drilling 6.2% OCTGCustomer 2 Oil sands 6.0% Pipe, Flanges & Fittings , Valves Customer 3 Oil drilling, Gas drilling 6.0% Pipe, Flanges & Fittings , Valves Customer 4 Oil drilling, Gas drilling 5.7% Pipe, Flanges & Fittings , Valves Customer 5 Pipelines 4.1% Line pipe, Valves, FittingsCustomer 6 Oil drilling, Gas drilling 2.8% Pipe, Flanges & Fittings , Valves Customer 7 Oil drilling, Gas drilling 2.4% OCTGCustomer 8 Pipelines 2.1% Line pipe, Valves, FittingsCustomer 9 Oil drilling, Gas drilling 2.1% OCTGCustomer 10 Oil drilling 2.0% OCTG

% of Sales

$224 $145 $223 $234 $275 $192 $249 $344 $389 $313 $353 $387 $445 $366 $497 $484 $385 $269 $300 $274 $248 $176 $215 $242 $339 $296

7.9%

7.3%

6.8%

7.2% 6.9%

5.5%

6.3%

5.2% 5.0%

5.4%

4.6%

5.6%

7.3% 7.4%

6.6% 6.5%

5.4%

5.9%

3.6%

4.6%

2.7%

0.4%

2.8%

2.2%

7.0% 7.3%

-

2%

4%

6%

8%

10%

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

Q1-

11

Q2-

11

Q3-

11

Q4-

11

Q1-

12

Q2-

12

Q3-

12

Q4-

12

Q1-

13

Q2-

13

Q3-

13

Q4-

13

Q1-

14

Q2-

14

Q3-

14

Q4-

14

Q1-

15

Q2-

15

Q3-

15

Q4-

15

Q1-

16

Q2-

16

Q3-

16

Q4-

16

Q1-

17

Q2-

17

($00

0,00

0's)

ENERGY PRODUCTS REVENUE & OPERATING

PROFIT AS A % OF REVENUES

36

Six months 2017 revenues of $179 million, EBIT of $19 million. 2016 revenues of $305 million, EBIT of $29 million.

Sunbelt Group, Arrow Steel – Houston, Texas;

Wirth Steel – Montreal, Vancouver Arrow Steel provides coil processing in Houston,

Texas Customers – other steel service centers, large

OEM’s, fabricators. Uses third party facilities to store product.

Synergy with metals service center business

• Visibility into worldwide pricing trends • Flexible product sourcing

37

STEEL DISTRIBUTORS

38

ROLE OF STEEL DISTRIBUTORS

Suppliers Steel Distributors Customers • Mills producing base metal

products • Source material and

purchase in large quantity

• Large original equipment manufacturers

• Processing includes pickling, blanking, tube production from sheet, coating

• Arrange logistics for delivery where and when customer needs

• Smaller service centers

• Limited ability to service multiple customer needs

• Processing includes cut-to-length

• Russel Metals Service Centers

• Long lead time order to

delivery • Focused primarily on

import product

• Large volumes • Truck load quantities

• Use third party yards

LOCATION OF OPERATIONS

STEEL DISTRIBUTORS

39

STEEL DISTRIBUTORS - 6 UNITS

40

United States

Canada

Wirth Steel – Montreal, Vancouver

Sunbelt Group - Houston, Texas (2)

41

TOP STEEL DISTRIBUTOR CUSTOMERS SIX MONTHS ENDED JUNE 30, 2017

Customer End Market Products Purchased

Customer 1 Oil & Gas 8.4% Stucturals, Plate, Other (light rail)Customer 2 Service center - laser processor 7.0% PlateCustomer 3 Service Centers 4.7% Stucturals, Plate, Other (light rail)Customer 4 Service center - processor 3.9% Stucturals, Plate, Other (light rail)Customer 5 Other - Plumbing Supply 3.1% Tubing/Pipe (Standard, OCTG)Customer 6 Heavy Equipment Manufacturer 2.7% Plate (Discreet & Plate in Coil)Customer 7 Construction 2.6% Tubing/Pipe (Standard)Customer 8 Other - Machine Manugacturer 2.4% Plate (Discreet & Plate in Coil)Customer 9 Oil & Gas 2.3% Stucturals, Plate, Other (light rail)Customer 10 Service center - processor 2.2% Stucturals, Plate, Other (light rail)

% of Sales

$70 $83 $90 $101 $99 $92 $78 $81 $74 $65 $74 $70 $87 $106 $123 $125 $119 $106 $103 $72 $73 $81 $72 $79 $78 $101

12.6% 12.6%

9.1%

11.0%

9.8%

8.8%

7.5%

8.0%

6.7%

7.7%

6.7%

6.1%

7.2%

8.1%

9.6% 9.2%

5.3% 5.4%

2.2%

1.8%

9.8%

11.1%

7.4%

9.6%

10.8%

10.1%

-

2%

4%

6%

8%

10%

12%

$-

$25

$50

$75

$100

$125

$150

$175

$200

Q1-

11

Q2-

11

Q3-

11

Q4-

11

Q1-

12

Q2-

12

Q3-

12

Q4-

12

Q1-

13

Q2-

13

Q3-

13

Q4-

13

Q1-

14

Q2-

14

Q3-

14

Q4-

14

Q1-

15

Q2-

15

Q3-

15

Q4-

15

Q1-

16

Q2-

16

Q3-

16

Q4-

16

Q1-

17

Q2-

17

($00

0,00

0's)

STEEL DISTRIBUTORS REVENUE &

OPERATING PROFIT AS A % OF REVENUES

42

SUMMARY

43

44

SUMMARY

Leading market position

Strong supplier relationships and unique market insight

Successful acquisition strategy to deploy capital

Multiple business segments

Diversified service center and energy customer base

Superior service and product availability

Prudent inventory management

Experienced management team

High dividend yield

Strong balance sheet, low leverage