RYI - Earnings call transcript Q2 2018 | Ryerson Holding Corporation

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Operator

Good morning. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ryerson's Second Quarter 2018 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. you. Thank Instructions] [Operator Ryerson you with conference. begin Investor Horwitz, may Relations, your Jeff

Jeff Horwitz

Eddie and Q&A. morning. Ryerson Chief Mike I'm our joining earnings with joining you Financial be here Presidents, will two Ryerson's Corporation's morning Good Kevin for Burbach, XXXX Officer, Holding Erich Thank Richardson and Executive Chief Officer; second Schnaufer. quarter this North for Lehner, our Regional President and us call. American

this statements limited in certain the Before contain year by on to we federal forward-looking me include, risks for statements. let to, within actual we materially meaning forward-looking our Form and forth XX-K XX, call get number on the remind Such you statements cause December not uncertainties those risk risks comments under annual securities make those results set differ that that report laws. involve started, of of factors implied XXXX. could the uncertainties the These and a ended are from forward-looking but

You are not only date statements, the forward-looking as not of reliance which they undue are on to and of future speaks are guarantees performance. cautioned made these place

our provided is website. which XXXX the quarter our second GAAP over turn to that intended for earnings measures on our section discussed comparable on available measures Eddie. is supplement yesterday, to refer non-GAAP financial call the are call in A substitute comparable remarks the the the Form now filed directly but addition, not GAAP directly financial non-GAAP today to X-K measures most measures. several Investor of most I'll to of In reconciliation on release today's Relations

Eddie Lehner

ever-better the I today our this for by joining Jeff. create them continually customer you, you customers, And serve to experiences. start Thank to we to morning. as want strive thanking us thank opportunity all

colleagues & Central the & Next, time great relatively working with a operating we quarter Ryerson results July closed the the welcome working and safer This company as quite Steel as our Wire we We to generated execution to customer-centric an our second hold that some current of organization. the improved in and to optimism financial two shipments, thank teammates companies leverage deliver and indicative strongest as net excellent assets environment the Central unwavering benefit and want with does on our organizations acquisition expanded my Steel best From increased is outstanding Ryerson throughout perspective, XXXX. for working will customers. posted Wire future our operating Ryerson family X, both expense while the together focus. a and all managed of good an capital efficiency, can do what industry in of margins, I

in or demand half far in After first industrial incrementally. fallen industry aluminum has industry period. economic to first of current decade, improved quarter in X.X% conditions, of the carbon still quarter shipments prices prior in and as price price the the of an in back demand increased while industry demand XXXX XXXX. drivers stainless for trailed and the in products levels, to continued clawed volume to environment, products second declined for perspective, those that XXXX. measured U.S. of were the year North a XXXX, XXXX the XX% the approximately are of MSCI less XXXX as XXXX From economy improve highest and XXXX conditions two-thirds XXXX and XX% both the to compared approximately XXXX. drivers industry and second more industrial growth the Turning to the compared higher of favorable With quarter compared by commodity metal American

LIFO to XXXX, outperformed Ryerson industry of while the ton margins, first shipped American North up company, X% XX.X%. six in excluding months volume a As with expanding growth gross

also in end now commercial transportation, ground growth sectors. construction consumer year-over-year growth markets driven and ground consumer sectors. showed transportation, Ryerson equipment all durable quarterly by Ryerson durable gas oil in end markets, nearly and quarterly Turning end and equipment most all to commercial notably experienced in sequential growth markets, nearly

Ryerson Steel continue oil approximately counts the commercial and completed For months Steel in on see enhance more Steel transportation Central Steel than signs Wire & metal compared Wire & for center markets, to of and Central with to operational higher to Wire end service of XXX products, rig our year will addition significantly Central XXX July industry centered bar, a selection Central sheet service rates with services all annual under tube, six year-over-year continue its gas build In of the to brand June products the of and up $XXX XXXX encouraging XX% processing, commercial, our of & of & provide name greater the almost employees and most wide company, Wire of a and depth brand XXXX, The plate customers. has our Ryerson than combined we breadth within years. of key more notably a centers. strengths prior U.S. and for and million. offers period. revenue products ground will approximately own capabilities network and operate standing a truck the acquisition has with valued XXXX, and

of economic policy February towards base our import the levels, Federal highlights remain as U.S. our the second more lower With index, the the customers. and call chain strong Bureau. elevated XXXX. in growth economy. performance. our has first half the for June monthly prior industrial Trade domestic production of percent or of by measured on impact manufacturing remainder Reserve, compared over X% enduring to year by U.S. The year-over-year registering I'll as strong the will as year, XXXX with providing XXXX, remained continue the in XX% to the the period reported in relationships the supply continue through who since Erich, we for We are XXXX positive demand which financial quarter conditions will Ryerson's indicators Census second supply discuss half that, to continuity remain of the turn believe Looking of U.S.

Erich Schnaufer

exceptionally $XXX of in Eddie Thanks, strong advantage good conditions, generated morning. excluding XXXX. LIFO million demand of quarter to excess Ryerson's performance for the pricing and the the well in EBITDA time of quarter and adjusted third taking first since

quarter $X.XX or share or in compared $XX.X share $X.XX of our $X.X XXXX, were in Holding Sequentially, discussed million to per tons to Second diluted Corporation quarter diluted increase to an second and in $XXX.X or $X.XX per the higher per $X.X higher was $XXX.X or Net selling prices average of of prior $XXX.X first XXXX and second the sales excluding XXXX quarter $XX.X second million XXXX with compared million quarter and in with quarter XXXX. expectations line X% compared or million to diluted million revenues $XX.X than shipped. second conference in the doubled increased to were our the prices call. EBITDA of attributable Ryerson of billion, quarter more X% XX.X% with tons XX.X% of XXXX shipped quarter second our XXXX. up that X.X%, we Ryerson to income adjusted of up on the X.X% million growth million LIFO quarter in share

of quarter Ryerson's million of in the period. million was $XX.X with the in over for ago and the in XXXX first was quarter quarter, of excluding ago gross for LIFO the prior during quarter quarter was second XX.X% quarter compared current XXXX, expense the XX% of and materials excluding achieved the of quarter XXXX up $XX.X adjusted the and in of quarter of LIFO XX.X% in period. $XX.X XX% $XX.X to for quarter million of EBITDA XXXX. sold, the margin results Ryerson first for XX.X% from the margin higher Second Included the consistent LIFO second million. year XXXX first year cost XX.X% of gross

leverage XX.X% quarter expense expenses in We and to to continue favorably the selling of XXXX XX.X% in first a quarter, warehousing, the quarter of delivery, general and as which to second of administrative metrics compares XXXX. declined the as improve sales percentage during XX.X% our

by average for revenues of XX.X% the six and the average tons the billion, of year the were six margins prior as first XXXX to per $X first months increased XX.X% as cost shipped X.X%. in Turning of the material months decreased six ton. prices basis $XXX points Gross to sold year-to-date first period compared to XX XXXX, selling XXXX up the from of months was results, up increased

LIFO XXXX compared the six we attributable $XX.X increased by of of as months rose was borrowings liquidity well equity held per increased per Holding XX million XX, target inventory June continue $XXX Adjusted excluding June million first to per revolving days. solidify XXXX. XX increased first of million days $XXX.X period driven the Ryerson However, as inventory of company's $X.XX XXXX, $XX.X per million the million XXXX of maintained foreign end. of in for months Ryerson's primary increased from million within rose our as XXXX. in cash, of at gross XXXX, LIFO XX, or the our in for used by June $XX.X to million were ample Net credit XX% as to of of months activities XX million as share of an grew or excluding used $XXX.X to million. availability facility the to $XXX of in to diluted securities liquidity ton. first same share and of $XXX the from compared million year first $X.XX during to compared the the additional In first XXXX. as operating prices in to six availability the to months EBITDA period million cash balance as XXXX average quarter of XXXX, compared XXXX $XXX in XX, months income operating six months XX.X% We six diluted XX, which six $XXX $XX.X We deficit of XXXX. compared receivables in XXXX Corporation to XXX selling basis Including to of costs million supply total on and six XXXX of average sheet. margins March our ton, second activities points valued range higher cash to $XX.X by first $XXX with Ryerson as marketable XX, sources, the of December equity $X.X to

call the back to Eddie conclude. turn to over I'll Now,

Eddie Lehner

Erich. Thanks

center on XXXX, long-life growth, rise the improve obviously. up standards much to continues With service assets in by have to future with great every a living the of questions. in raise down More the payment meet with infrastructure our assets far of as it centered stakeholders broader all customer create factors year. the Ryerson for marketplace opportunities on across experiences categories prior providing thank those of passion that, drive to productivity new We while plans and maintain, our So, and anything, call as to reflects price compete required than and and and the purpose. to seen intelligent the an compared consistency. we your to mission, modernize investment This replace open improving to let's the Operator? evidence is demand economy. results exceptional day for opportunity network

Operator

comes the our Instructions] [Operator first line from Seth And of Jefferies. question Rosenfeld from

open. is line Your

Seth Rosenfeld

also with bit the tell about little telling disclosure regard can going very in the release bit to impact spend of following half, there on for you in volumes in is and hear. bit to most notably a commentary I will more a and outlook you and Can Wire? margins the & integration about second bit but consolidated procurement a Central synergies a us little be helpful expected assume any today, Steel improvements us time more of

Eddie Lehner

out to to start off quarters. excited July this so got and the to working colleague elaborate. is Central to our off But shoulder bust we're one with But be under I a Eddie. and to in shoulder our think We ask we're great and X, wings bottle you don't I Mike we've great we're a to Hey, them back going on start. a Seth, really really month acquired Burbach today. future we'll to will we're

Mike Burbach

things, that with one I seek I know quarters. the service ways been first leverage the has strong of future ball customer at companies. best that is Yeah, last merger customers, if with Seth. The levels the good of tell we've lot there month And at look we'll you in both the history is move hi you few use with to the bases think and the excited and have best I'll more But combine that had and to there interactions able Eddie look a loyal working that we're on to as Eddie and good and the a and of Thanks be into their and right, going we'll we're of the people opportunity you years, Ryerson work month. optimistic forward. been month and has both

Erich Schnaufer

And Erich. is Seth this

Just is a take one about to where think Ryerson's look financial metrics to historical thing at are.

working expense well achieve to metrics, do to is to to metrics our and as that we well that level capital financial as Ryerson Our the so, apply as results and achieve. side metrics we're towards the on converge we're begin what we our they going going will can Central's

Seth Rosenfeld

timeline gap? guess, on historically pretty a recognizing conversion about for I can any Just when you that the be could give think time happen wide there you us might

Erich Schnaufer

Yes. I mean look.

to But off we're coming a quarters back start. a month in we'll We you future and progress. on great in update have three we'll we're our one runway and and year be

Operator

of next the from comes Our line Markets. Tiss from BMO Joel Capital question

Your line is open.

Joel Tiss

know as just I months, little the half, gave fiscal your about end guiding we time kind sense know June into of hearing but we're in any a get don't plusses some spend but if you just second XX of deeper markets, So, a kind some little a the from couple are of any thumbnail of of forward I not through a you you minuses you starting get little and or Thanks. just sort of like much of kind you're wondered quick the and could running or us the for the deceleration, companies more of you flavor recovery customers. so conversations have

Eddie Lehner

Yeah, Joel sure.

and go ahead a and preamble Mike I'll will give over So, to I I'll kick then and it Kevin.

So, so good. far

last XX%. PMI or a in which metrics lagging we much the XX% typically there is over the certainly how of go. like much bottlenecks is really was at were lot now, a metrics, a far shortages look think metrics, what from to effect is our pre-buying discussion the even can't are and bit light many in current I there, If I know and bottleneck. there been you clarity came – certainty. too green because there backlogs be years said, component will still great down we've learned last the with I any how of and And think Everything labor That industry. transportation has around don't ahead how even that look seasonal market really the lilted elongated

look on we're So, the demand you a Kevin in sorting – through year balance color. Mike and of following some from from incrementally this those we're year good year But to a for ask working while things, good incrementally this things I'll better for XXXX pretty give more and the purview.

Kevin Richardson

foreseeable things is What all in tight would the and of Joel, as related terms into the labor has definitely is But into balance and of what Eddie constraints it's Richardson. says of pretty in transportation. strong the going Kevin as that can year, year. I QX one end this for almost markets it's markets right, say balance backlog, exactly and see we strong. theme to the look well some that, developed for actually

rig of opening half out the Eddie see that the those it's So, right relative count continue are of would other for the what is up MSCI be up things of and in line strengthen in is out the we which the Class But end notable two to so feel kind now then industry transportation there as back year. overall wherever and the standouts the looks then and comments XX%, X% the markets is with going range. year to good with kind that like exceptions XX% energy pointed finish X ground last to truck about markets market the up

Joel Tiss

Then give for have can metric? that take back of Wire the Steel guys percent a you just percent total a and the overall the an process and revenues, that – of step product for us what & update you on Central does as that

Eddie Lehner

up Sure plate complex of bar product and the Joel. and to length – we and burnt cut a has – the our I gone most we as process percentage. then fab cut is the mean,

company-wide would we're I above So, say XX%. solidly

So, now, a solidly when is central's at – one that the was one bar look above mix, the add percentage in our in plate of and overall and attractions of product, complex growing, was take of you and piece pleased XX% that so as interest that. Central several of they about and complex the more mix we're Ryerson to long weighted lot cut in their length that tube we're are and plus attractions and the and Central. Central between piece of fab value many plate – fab, side, we because adds a

see So, and we we lot to and Mike, processed we like footprint that anything Kevin get around how a the combined network. product and mix of throughout synergies add?

Mike Burbach

Joel. Hi no. Eddie

think The attractive our said about nice thinking to Eddie. mix some place. already complement the of offering right you just in and to I capabilities it what's the Central addition is highly

very in they but products nice is what length process cut products of be heavier the So, to products and and sense the they process of sell addition. ours in concentrations big they similar and the a content the bars, and long plates the

Kevin Richardson

Kevin. is this Joel,

and – the made obviously one also second variablize customers outsource stage of One we some we is of acquisitions ramp the and are trying of processing the some of that up internal the things for nicely that our stage seeing of we that we've is the their fits things which CapEx first are cost to some and structure deployed. that

Operator

comes line KeyBanc. from Gibbs Phil question next of the Our from

open. is line Your

Phil Gibbs

call company of talk are just as have in know an company, alleviate labor. Eddie business been of bottlenecks transportation you and a think and a creative on in I try to some this of as some environment? so you a question to headwinds, far about the environment been at has a of labor What least the do what all doing this of organization as more those some so you tight terms or had how can on lot the headwinds of there transport you things and thrive to and

Eddie Lehner

Yes, Phil.

So, let continue things me and rise how you – embodies give it think two I we really to up. specific really it

the of transportation your the this is, can environment one create of visibility transportation side, loads. in of do on type So, you things

get company units have addition really our that behalf that one are out can out when to that our units, carrier give So, whatever you the to environment, carrier XX population, hours drivers there that work we for give units with can whatever on common common things where of are transportation are incremental those dispatcher's of ahead you those transportation control, look and a more controlled us those units toXPL helped dispatchers we when and trailers there, in XX you going trackers visibility.

sort So, come go load it up it's loads on ahead ahead they straw it of incumbent and and pick visibility us can a a to then position to queue and time in man customer. of build and try to that they take where even can get look unit to knowing

restrictions because hour really got you've gone hours. becomes important, visibility hours where you've So, XX driver from to XX

electronic You mandated have logs breaks. with

but where transportation is environment an got So, tighter, better, rules the changed. also within the everybody working got economy

visibly the in one use to those your analytics and their loads empty and And and trackers example. minimize so, miles. time trailers you more That's position dispatchers to more more on to and give enterprise information get

out. times out to over out might able balance good where have cooperative place, lead culture systems half culture so is X bottlenecks, have example cut us a canvas demand, processing important XX it and Ryerson. very days helps we're we take the is multi-market, our more have one one and Ryerson schedules network thing in for to culture, helps the The and warehouse, out from to we're if stretch place. actually balance we geographies the balance that we where in The bottlenecked canvas of ability its them we location very another our us place have can capacity, we in overall by actually a in roll balance shifting in so that we a and and to other can helps That through

understand to I've Mike Kevin the are environment. those we can but So, are that, and asked that navigating that's use you augment concrete – how two to examples current

Kevin Richardson

terms either add Richardson. contractual dedicated of of and side. for this the company able deliveries there in basis delivery pretty good on relative What on Phil, got we fleets out loads shape correct, of a control that where have are we've but buy thing having on spot own own would were transportation the our in terms in most of our only supplemental Kevin drivers control is The Eddie obligations, capacity is just our to go and on is front I so being customer are described fleet.

Mike Burbach

to was up I Phil, on our is this about going Eddie's network. Mike Burbach. follow comment

Ryerson As way are in with the connected company at I we've locations configured look with the our technology.

information there any good quickly address We to have constraints what pretty out sort capacity not. bottlenecks of

customers So us work tight, our from might from to flexibility take some it gives seen customers and but and folks. what keep labor be care shift other is of seamless this

are to looking and the So to forward these times our to for. are move we to challenging customers well continued position service give pretty

Eddie Lehner

I'd say and outstanding tip enough I of job, They've in to good can't teams I just operational an field. a think just way. done to be that products really cooperation do say Phil, have level great And our to remiss can't in teamwork things customers, my hat if the get I to didn't about our really

Phil Gibbs

color the team. That's the from all great. I Okay. appreciate

very obviously also when out am costs. margins catch look from in Central point much impact lot bake trying figure integrate this at integrate to it's and think some embed sales those look about obviously the presume because continue trying Central. to what up in. should call will to with quarter LIFO I we how we because still heading and third have the on quarter, the in it, call we just we you And out at expense trying the How be gross with margin all into guys your margins time everything going trying strong. to As about just into think a we just to volatility third how should

Eddie Lehner

So start their like X%, we looks QX performance right prices going still you down QX cost to business I'll on day a metrics better with shipments update looks through demand and to more. of to would where of Central with – average we mean up goods I the we obviously period. it are and LIFO. seasonal to are give respect XX come way X% in replacement But Erich to terms year-over-year, a we seeing the like from now. is still in see with consolidation come process costs more sold And might what through understanding still I think an increases are we broken cost say, we XX as can for over and will team becomes

some from normalization, but So right we margin mean seeing where good. are QX looks now, I pretty

Erich Schnaufer

to million. expanse LIFO LIFO this at the $XX through third area where As are quarter about July in somewhere expect prices far point for as be of goes, the

Phil Gibbs

costs working that some Okay. net And the my all we should his into half? about last capital you strong then bit the replacement That's be flush Thanks. XQ anticipate pretty helpful. and color. for a How I all but, working we usually up of will back are thinking company? more appreciate into pick the get should little capital question

Eddie Lehner

Phil. Yeah,

the be of having tradition. So would occurring three thought we months I given that be which expectation with is cycle just maybe legs second consistent how we would be QX QX have we ago. price the go that in stretched out think more to do to use think cash increases the the seem have as would the of half of than I to of from less year expect

rising, have expand still let of I'll I but half we prices expect get capital cash in maybe with of expect use think the by of in years, we on second generate don't we year, we as the working QX still Erich less of that to the that. QX much and in to So past as have but

Erich Schnaufer

fourth half that's So Eddie is QX would going definitely not year, to mentioned but in The or the we back if be off the in a whole, we we'll throw on last all expect in of half the as begin into the cash to question cash. had generate the cash year. or loaded quarter, of to balance generating end as last be whether

Eddie Lehner

it's at you you the look do increases by virtue we mean to at best a and reached for I move we what you'd to we if estimates time. plateau which mean bit just look are point and and of QX we QX. mean if expect looking was LIFO price going QX in that our XX, LIFO can our then estimating inflection from at I But I XX granted, little retrace start are a as into how to at LIFO in slowly estimates

Phil Gibbs

All right. Thanks everyone.

Eddie Lehner

Sure.

Operator

from next Our Instructions] Mazzaferro Mazzaferro [Operator Aldo question comes from of line the Research.

often. is line Your

Aldo Mazzaferro

morning. Good

Eddie Lehner

morning. you? Aldo, are How good

Aldo Mazzaferro

Eddie. well. am I doing Thanks

stemming some in counter things less the itself of be scrap rely getting issues on seeing supplier from imports think on we loops. that seasonal of and being that are strength we August, market steel I and think. and we slab market also the of are like mills terms I in the this issue In And available

So that see does imply Do yourselves? as an you as availability do for that slab supply do as see we question strong on as you you issue? how much that you or see into tightness as end are not see a it that you you to my is, now? today? the increasing opportunity versus we And may counter September, And secondly, we to seasonally are see your risk see October, going get where November, do

Eddie Lehner

I to in how and the back it predictions and surfaced to half think And Aldo, of availability of contrasting so tight many the tell for isn't to opinion there really in tightening going see August can are the are tight we how May think terms tightening I the be, conflicting you through ago be? it's majority going year three timeframe. months real don't August. was through I May prevailing that going

X.X to X.X April look since to where gone X.X. they've and and down at tons you and peak If then an million came came down of imports they

relatively month though even – stay where tight. like think think going This you arithmetic mean that around are and Aluminum if three I going to to its year illuminate We to availability a there high that and is and relatively imports like looks tight we a is stainless see months is further. available. tell ingot aluminum to is for one be make to aluminum there it's strong, really the going down is would ask and more I be looking are it price row. The think but has trend Mike down low. LME stainless. to I between Kevin come trend midpoint am Stainless I looks more and even Even tightening in below I there is going though a

On bring the much the tight much to online be don't come How going capacity. it mills the be. know market. that's to or going how maybe with or other seen how come players new big remains going Really are more more market capacity vis-a-vis into City to river side, of have that the to carbon domestic Granite to is other some

to be And slab Just remains to the compensate side, on again seen. what then imported. isn't it being

feel what finally feels pay are do First to that mills to of compelled going as to slab a event or what concerned But carve get far and to they're to they're going slab an whether all, like they being are they decide as do. or the exemption. continue a out the the producers tariff more XXXX

import we come as third two So these down tight there month per is over a that still how gets. evolved to million if to months side, mark important and on But fourth the way tons and carbon they've question numbers last to get levels X the a month. and the continue I think

tighter that supply. I a be think going market it's you tells arithmetic the to our for

Mike Burbach

Aldo, this is Mike Burbach.

Eddie correctly I high than that think his are hit would I him pointed the points as and assessments. are some product-by-product agree areas out. probably tighter There with he on others

the to a of domestic it that supply lot constrained. list. appears great there with that have, end aluminum at plate and position the that of currently have some fact be some think so top more Carbon with clearly do producers. and the we common long we a we has with can are of other to be a products are probably less. will But products get alloy is sheet issues I rather tighter history in the is and than a That relationship constrained

another Eddie there supply position. – the we availability dynamics but well good and be shift, other think our imports deal we're with could nuances pretty we right, some closely our feel look the and domestically, with lot OEMs we there I this this we and regular very relationships is through continued it's So, lot of really about what's these have But situation, with out at two with month – customers watch or and products it. of is are as about more going waters, and know positioned we're happen there pretty that of concerned with our questions in to fluid here something challenges some about this and well positioned about of large some our you to conversations and navigate choppy could and reduced to

Kevin Richardson

I that to groups. was happening commodity all year it's on of side, it are the type earlier set China October, on of XXX and the mills out because had final tariffs the that say what's looks but one in in established effectively for China. at those countervailing when the biggest duties it's more to be tariffs took plus headlines anti-dumping like, But the supply because just market and three XXX% on aluminum, the the get determinations really aluminum, some this impact you thing just in going look

has really take other year set, that's are term. that's a the up. that those anti-dumping thing countervailing in to terms duties, And of the note five dried once those supply So,

the in carbon could on short where – and any XXXs relatively notice. that way set market The on swing been the different than aluminum supply side is So, has stainless. up

Eddie Lehner

of an and our whatever every what way, I'm is most better as Aldo, comes we whatever way, our get comes organization proud better day.

Black Ryerson's So the Brother. new

Aldo Mazzaferro

when ballpark get guys to more price so? million know was XX% that about forward releasing revenue could said be million or I it, you of but would $XXX can CS&W the when might – a quote you estimate of more XXX. capital on you working ballpark in versus and $XXX number that confirm capital data, you target, paid In was you that wondering XX% be included hearing XXX, working my capital was looking a I'm is I'm there normal be opinion, that announced know more to the sales. but in

Eddie Lehner

Aldo, a in Here being capital and is thing. transaction the wound as that XXX, working what would I – I up more about because we – good say would was say you it that a acquired know

pleased how a very come out. Ryerson So, we perspective for it more the and good to turned that, close but certainly on were with was that at from liquidity

Aldo Mazzaferro

come so, on first then, quarter numbers. when reports And you your with weaker the in

You I the write unless to view inventory – that would of still are and want accounting – to to ones? higher comment think book you but going form that, accounting that on right point have the to

Erich Schnaufer

million, inventory mean they this LIFO are of be reserve excess Aldo, the of is going up to far as goes, on write their $XXX LIFO Yes, so their as sheet. from Erich. and was $XXX I inventory million historical in balance there is

Operator

no call presenters queue. have for turn the I'll questions further remarks. the to We back closing in

Eddie Lehner

continued We with interest again We to you quarter. appreciate forward your talking support in look next and Ryerson.

Operator

today's concludes call. conference This

You may disconnect. now

Ryerson Holding (RYI) 2 Aug 182018 Q2 Earnings call transcript