2nd Quarter Results
Our financial performance for the second quarter of 2024 resulted in profit-sharing payments for employees under the plan. Qualifying employees will receive a bonus payment of $0.96 per eligible hour, which will be deposited directly into your bank accounts by August 16, 2024.
This quarter we faced challenges as the market for flat products continued to soften, leading to decreases in selling price and volume. Although Portland slab volume was down with the market, we were able to offset some of that with third party coil sales from Regina.
Oil Country Tubular Goods (OCTG) volumes were also lower than prior quarter due primarily to the annual spring break-up. Dumped pipe imports into Canada continue to put significant pressure on the OCTG and line pipe markets.
On the Operational side, we idled the 24” mill after completing a small order of approximately 5,000 tons. In response to market demand, we restarted the Regina 2″ mill line to support the OCTG market. Our ongoing initiatives with EBS continue to drive cost savings and have positively impacted our conversion costs, further enhancing our operational efficiency and improving profitability for the quarter.
Looking Forward
The safety of our employees remains our top priority. We must continue to focus on improving our safety performance by stopping unsafe work, reporting all near misses, and keeping each other safe.
As we look ahead, we will continue to closely monitor market conditions and take proactive steps to stay competitive. Our focus will remain on delivering high-quality products, managing costs effectively, and fulfilling our commitments to our valued customers.