3rd Quarter Results
Our financial performance for the third quarter of 2021 resulted in profit-sharing payments for employees under the plan. The payout will be $3.69 per eligible hour bonus payment for qualifying employees deposited into your bank account by November 15, 2021.
Our Third-quarter results were positively impacted by continued strong market demand for steel. As a result, Regina Steel’s third-party sales volume and average selling price remained high throughout the quarter. OCTG demand also remained strong; we continue to see higher rig counts above 2019 levels. Calgary’s remaining mills were opened late in the second quarter, and production and shipments ramped up during the third quarter.
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