Ryerson Inc. (NYSE: RYI) reported Q3 EPS of $3.25, $1.50 better than the analyst estimate of $1.75. Revenue for the quarter came in at $1.6 billion versus the consensus estimate of $1.54 billion.

Outlook Commentary:

Ryerson is optimistic about the fourth quarter industry environment and underlying demand, whose potential continues to build and extend. At this point in the fourth quarter, pricing growth across carbon products has slowed while nickel and aluminum prices remain elevated, benefitting the Company's diversified product mix, which remains approximately 50% bright metals. Therefore, Ryerson anticipates fourth quarter 2021 revenues in the range of $1.5 billion to $1.6 billion with sequential average selling prices up 5% to 7% and shipments down 7% to 9% due to normal seasonality patterns and persistent supply chain constraints within its end-markets which are hampering realizable demand. LIFO expense in the fourth quarter is expected to be in the range of $71 to $75 million. Therefore, Adjusted EBITDA, excluding LIFO is expected to be in the range of $228 to $232 million and earnings per diluted share is expected to be in the range of $2.38 to $2.48.

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