Ryerson says 2Q profit climbed on higher metal prices

Ryerson Holding Corp. said profit soared more than 62 percent in the second quarter due to the higher prices for the metals that the company processes and distributes.   

The company earned $2.6 million or 13 cents per share compared to $1.6 million or 2 cents per share a year ago.  

Sales rose 2.7 percent to $932 million from $906.9 last year, the company said.

Shares of Ryerson are down in morning trading less than 1 percent at $10.32

The company had a disappointing public offering earlier this month, raising only $121 million to help pay off more than $1.2 billion in debt.  It expected to raise around $190 million.

The company said this morning that it would use $111 million of the IPO proceeds toward the debt. 

Courtesy : www.chicagotribune.com