Service center operator Russel Metals Inc. returned to profitability in the third quarter following losses in the first and second quarters.

The Toronto-based company posted net income of Canadian $12.8 million ($12 million) for the three months ended Sept. 30, down 86 percent from C$91.5 million in the same period last year but a marked improvement from a C$24.6-million net loss in the second quarter of this year. Third-quarter revenues totaled C$434.3 million ($408.2 million), down 54.5 percent from C$954.9 million a year ago.

"Demand remained unchanged from the prior...