2nd quarter profit sharing

2nd Quarter Results
Our financial performance for the second quarter of 2021 resulted in profit-sharing payments for employees under the plan. The payout will be $1.63 per eligible hour bonus payment for qualifying employees deposited into your bank account by August 29, 2021.

Our second-quarter results were positively impacted by continued strong market demand for steel. As a result, the average selling price for Regina steel third-party products was higher than the first quarter. OCTG market also continued to see a strong market recovery from the downturn caused by the Covid-19 pandemic, and as a result, Calgary’s remaining mills opened at the end of the quarter, with full ramp-up expected in Q3.

Partially offsetting the increase in steel sales is lower sales volume in Tubular due to low market demand for large diameter pipe; spiral mills in Regina remained idled in the quarter and for the rest of the year.

Looking forward, we continue to work on improving our operational performance with a focus on the quality of the products we produce, controlling costs, and delivering on our commitments to our customers

Matthew Perkins, Senior Vice-President , Canadian Operations