Tree Island Steel reported revenues decreased 6% to $61.5 million in the second quarter of 2017.  Excluding the stainless product lines, revenues increased slightly in Q2. Gross profit slipped 48% to $5.9 million “due to the continued impact of average selling prices lagging the rapid increase in input costs earlier in the year.” 

As a result, gross margin declined 9.7% compared to 17.6% in the same period last year.  

During the first half of 2017, revenues decreased 2.5% to $124.5 million, reduced by the disposition of the stainless product lines in late 2016. Excluding the Specialty product lines, volume and revenues improved 3.1% and 4.3%, respectively.  

Gross profit for the six months was $13.4 million and the gross margin was 10.8%.  

“We continue to face adverse market conditions brought about by intense competition, which is tempering the ability of steel wire producers to adjust prices to better reflect the recent raw material price increases,” noted CEO Dale MacLean. Web: treeisland.com