Russel Metals Inc. (RUS) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.137 Nick Garago at RBC Capital Markets. Please go ahead. 00:00:04.137 -- 00:00:08.643 Hey, thanks for having me on, and congrats on the really solid quarter there. 00:00:08.643 -- 00:00:13.771 Thanks. Thanks. One of the thoughts on the other commentary on the outlook, 00:00:13.771 -- 00:00:17.276 you flagged, you know, some uncertainty for any great policy. 00:00:17.276 -- 00:00:21.622 You know, that Q1 was potentially helped out by some pull forward. 00:00:21.622 -- 00:00:24.887 You know, so on one hand, we might see a bit of an air pocket, 00:00:24.887 -- 00:00:28.952 you know, in Q2. But, you know, if you look at some of the commentary from your U.S. 00:00:28.952 -- 00:00:34.108 peers, they were kind of flagging, they're expecting volumes to hold up 00:00:34.108 -- 00:00:37.874 pretty well into Q2, which, you know, is pretty impressive given how good Q1 was. 00:00:37.874 -- 00:00:42.300 You know, within that context, can you just give us an update on how you're thinking 00:00:42.300 -- 00:00:46.566 about volume trends into Q2? 00:00:46.566 -- 00:00:51.854 Yeah. Just a fair observation, including looking at what some of the publicly 00:00:51.854 -- 00:00:54.397 traded compables have already talked about. 00:00:54.397 -- 00:00:58.583 And I don't think our view would be any different from that, which is There's probably 00:00:58.583 -- 00:01:04.111 some elements of pull-forward demand, but the ultimate test is how things have evolved 00:01:04.111 -- 00:01:09.418 since the tariffs came into place. And shipment levels remain at a pretty reasonable 00:01:09.418 -- 00:01:13.324 clip and steady clip. So it's not like there was a bubble that was out there. 00:01:13.324 -- 00:01:16.489 It was probably at the margin a little bit that was broug...