2/23/2015
NEWS BRIEFS
U.S. Demand Drives Tree Island Steel Gains
Tree Island Steel Ltd. reported revenues, including results from fasteners, increased 18.2% to $42.3 million in the fourth quarter of 2014. Volumes increased 16.9% to 31,910 tons, “primarily due to robust and increasing demand in major US markets.”
Gross profit grew 10.5% to $4.2 million and EBITDA rose 20% to $1.2 million.
Full-year revenues increased 19.9% to a record $183.9 million in 2014, with volumes up 23.4% to 139,935 tons.
“Throughout 2014 pricing pressure from both domestic and international competitors depressed overall prices for the products we sold,” the company stated. “Nonetheless, we were able to capitalize on our advantages.”
Factors contributing to growth included increased demand in some end markets (particularly in the U.S.), developing new customer relationships, and expanding geographic reach.
Gross profit in 2014 increased 11.7% to $19.3 million and EBITDA grew 9.1% to $8 million.
“2014 was an exciting year as it marked the company’s 50th anniversary and we also saw the results of our hard work and strategy being reflected in the growth of our business,” noted CEO Dale Maclean.
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