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Russel Metals Inc. (TSX: RUS) released the voting results of its 2024 annual meeting, with a majority of shares represented. Shareholders voted for the election of all nominee directors, with high percentages in favor of each. The advisory 'say on pay' resolution and the appointment of KPMG LLP as auditors were also approved. Russel Metals Inc. is a prominent metals distribution company in North America, focusing on value-added processing across three business segments.
Russel Metals Inc. announces their 2024 first quarter financial results, reporting revenues of $1.1 billion, EBITDA of $84 million, and cash generated from operating activities of $85 million. The company repurchased $15 million of shares, increased quarterly dividend by 5% to $0.42 per share, and redeemed $150 million of 6% notes. Liquidity stands at $956 million. Although net income and earnings per share declined compared to the previous year, gross margins improved. Market conditions affected steel prices, with the company experiencing higher average selling prices and volumes. Capital investment growth initiatives include expansions and new facilities. The acquisition of service centers is delayed due to Competition Bureau concerns. The company continues its flexible approach to returning capital to shareholders through dividends and share buybacks. Strong liquidity and capital structure position the company for debt structure improvements. The outlook is positive, expecting stable steel prices and growth in steel consumption. Energy field stores are poised for continued growth in 2024.