Tree Island Steel reported revenues, including fasteners, increased 39% to $92.7 million in the opening quarter of 2022 as pricing increases across all market segments “allowed us to recover escalating costs.”

Gross profit jumped 65% to $20.8 million while operating income gained 88% to $17.5 million. Q1 net income nearly doubled to $12.7 million. 

Inflationary cost increases continued in the quarter, led by key raw materials, namely steel wire rod and zinc, as well as freight, labour and utilities, the company noted.

“In the first quarter, we continued to experience increased demand strength in commercial construction activities in both Canada and the United States, as we supported multiple projects with our concrete reinforcing products. Stable demand has been seen in our other market segments of agriculture, residential construction and industrial wire, as we additionally balanced availability of raw materials and labour to support customer delivery needs,” stated COO Remy Stachowiak.

Founded in 1964, Richmond, BC-based Tree Island Steel produces premium steel wire and wire products, including fasteners, from five ISO-certified mills in Canada and the U.S. Web: TreeIsland.com