Russel Metals Inc. (RUS) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Nick Garago at RBC Capital Markets. Please go ahead. Hey, thanks for having me on, and congrats on the really solid quarter there. Thanks. Thanks. One of the thoughts on the other commentary on the outlook, you flagged, you know, some uncertainty for any great policy. You know, that Q1 was potentially helped out by some pull forward. You know, so on one hand, we might see a bit of an air pocket, you know, in Q2. But, you know, if you look at some of the commentary from your U.S. peers, they were kind of flagging, they're expecting volumes to hold up pretty well into Q2, which, you know, is pretty impressive given how good Q1 was. You know, within that context, can you just give us an update on how you're thinking about volume trends into Q2? Yeah. Just a fair observation, including looking at what some of the publicly traded compables have already talked about. And I don't think our view would be any different from that, which is There's probably some elements of pull-forward demand, but the ultimate test is how things have evolved since the tariffs came into place. And shipment levels remain at a pretty reasonable clip and steady clip. So it's not like there was a bubble that was out there. It was probably at the margin a little bit that was brought forward. It's hard to quantify, but overall we're now sitting here in May, and the tariffs were put in place almost two months ago, and shipment levels remain at a relatively solid level. So we haven't seen any of that big variance that could have been in place. And so the commentary that some of our competitors have come up with in their Q1 commentary, we probably echo some of those same views. And can you provide a little bit more detail, you know, what you're seeing in the U.S. versus in the Canadian business? And, yo...