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For additional information:
Andrew J. Peyton
NEWS RELEASE Director of Investor
Relations and E-Commerce
773-788-3206
RYERSON TULL REVISES SECOND HALF OUTLOOK
Chicago, Illinois - September 15, 2000 - Ryerson Tull, Inc. (NYSE: RT) today
announced that it expects shipments and gross margins in the third quarter of
2000 to decline from second quarter levels. As a result, the company now
expects a loss of approximately $0.15 per share in the third quarter. Earnings
per share for the second quarter of 2000 and the third quarter of 1999 were
$0.12 and $0.38, respectively, before unusual items.
As anticipated in the company's second quarter earnings release (July 18,
2000), volume has been hurt by a continued slowdown in the metal-using sector of
the economy. In addition, price volatility in the metals industry is negatively
impacting gross profit per ton more than previously expected. The company
expects volume and profitability to decline further in the fourth quarter, due
primarily to typical seasonality.
Current market conditions further validate the company's decision to
implement various profit enhancement programs, its corporate reorganization, and
its strategic sourcing initiative. "The restructuring of our organization
(announced June 6, 2000) is making us more efficient and responsive to market
volatility," said Neil S. Novich, Chairman, President and CEO of Ryerson Tull.
"In addition, we expect to have fully implemented the reorganization by year-end
2000, yielding annual cost savings of approximately $30 million. We remain
committed to our strategic direction, and believe our size will enable us to
leverage our buying power and our investment in advanced technology and
processing capabilities."
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Third quarter earnings will be announced on Wednesday, October 18, with a
conference call to discuss results on Thursday, October 19, which will be
simulcast on the company's Website, www.ryersontull.com.
Ryerson Tull, Inc. is North America's leading distributor and processor of
metals, with annual revenues of $2.8 billion. The company has a network of
nearly 70 facilities across the United States and in Canada. It also has
investments in service center operations in Mexico and Asia, and maintains metal
trading capabilities around the world.
Business Risks: Statements about future sales volumes, gross margins, expected
third and fourth quarter results, and cost savings due to the restructuring are
forward-looking statements and involve risks and uncertainties in the general
economy and business conditions specific to metals-consuming industries, the
direction of metal prices, the company's ability to pass through price increases
to customers, the company's ability to maintain market share, the company's
success achieving economies of scale related to centralization of support
functions, and market competition and cost factors, that could cause actual
results to differ materially from the forward-looking statements.
