Russel Metals Inc. (RUS) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to our 2025 year-end and fourth quarter results for Russell Metals. Today's call will be hosted by Mr. Martin Jaresti, Executive Vice President and Chief Financial Officer, and Mr. John Meade, President and Chief Executive Officer of Russell Metal Bank. Today's presentation will be followed by a question and answer period. At that time, if you have a question, please press star 1 on your telephone keypad. I will now turn the meeting over to Mr. Martin Jaresti. Please go ahead, Mr. Jarafsky. Thank you. Great. Thank you, Operator. Good morning, everyone. I plan on providing an overview of the full year and Q4 2025 results. And if you want to follow along, I'll be using the PowerPoint slides that are on our website. And just go to the investor relations section, and it's located in the conference call submenu. If you go to page three, you can read our cautionary statement on forward-looking information. So before I go into detail on the fourth quarter, I want to provide a little context. I view Q4 and even full year 2025 as continuations of a broader game plan that has been unfolding over several years. If you go to page five, you'll get a bit of a snapshot of the significant changes over the last several years, including 2025. On the left graph, you see that we generated about 2.2 billion of cash flow since 2020. This has been asset sales, such as the OCTG line pipe monetizations back in 21 and 23, and then the cash flow from operations. The right graph shows how we've deployed that $2.2 billion of capital. In the orange section, it shows about $1 billion of reinvestments through both internal investment initiatives as well as acquisitions. And this capital has really materially reshaped the portfolio. For example, we clo...