Business
Tree Island Steel Announces First Quarter 2026 Results
VANCOUVER, British Columbia, May 15, 2026 (GLOBE NEWSWIRE) -- Tree Island Steel (“Tree Island” or the “Company”) (TSX: TSL) announced today its financial results for the three months ended March 31, 2026. In the first quarter of 2026, revenues, net of freight and distribution, were $40.6 million, compared to $50.2 million in the prior year period. The year-over-year decline was primarily driven by lower U.S. sales volumes reflecting the continued impact of expanded U.S. tariffs on wire and wire
About this update from Tree Island Steel Ltd.
VANCOUVER, British Columbia, May 15, 2026 (GLOBE NEWSWIRE) -- Tree Island Steel (“Tree Island” or the “Company”) (TSX: TSL) announced today its financial results for the three months ended March 31, 2026. In the first quarter of 2026, revenues, net of freight and distribution, were $40.6 million, compared to $50.2 million in the prior year period. The year-over-year decline was primarily driven by lower U.S. sales volumes reflecting the continued impact of expanded U.S. tariffs on wire and wire products and the Company’s strategic withdrawal from certain unprofitable product lines in 2025. This was partially offset by steady growth in Canadian sales, consistent with the Company’s strategic focus on domestic markets and supported by the positive determination in Canada’s steel wire antidumping case and by the Steel Diversion Measures implemented by the Canadian government. Average selling prices increased in the quarter; however, gross profit decreased to $2.5 million from $3.9 million in the same period in 2025, reflecting lower sales and production volumes. Adjusted EBITDA was $1.0 million, compared to $2.0 million in the same period in 2025, primarily due to lower gross profit. “We continue to adjust production levels and our workforce in response to changing demand and also pursuing opportunities in new and existing markets,” said Nancy Davies, Chief Operating Officer of Tree Island Steel. About Tree Island Steel Tree Island Steel, headquartered in Richmond, British Columbia since 1964, through its operating facilities in Canada and the United States, produces wire products for a diverse range of industrial, residential construction, commercial construction and agricultural applications. Its products include galvanized wire, bright wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products; concrete reinforcing mesh; fencing and other fabricated wire products. The Company markets these products under the Tree Island®, Halsteel®, K-Lath®, TI Wire®, ToughStrand® and ToughPanel® brand names. Forward-Looking Statements This press release includes forward-looking information with respect to Tree Island including its business, operations and strategies, its dividend policy and the declaration and payment of dividends thereunder as well as financial performance and conditions. The use of forward-looking words su...
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