Tree Island Steel Announces Second Quarter 2026 Results

VANCOUVER, British Columbia, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Tree Island Steel (“Tree Island” or the “Company”) (TSX: TSL) announced today its financial results for the three and six months ended June 30, 2026.

For the three-months ended June 30, 2026, revenues, net of freight and distribution costs, increased by $3.5 million, or 8.3% to $45.8 million from $42.3 million in the same period of 2025. The increase was primarily driven by continued growth in Canadian sales, primarily in the agricultural and industrial segments, and reflecting the Company’s strategic focus on expanding its Canadian market share.

For the six months ended June 30, 2026, revenues, net of freight and distribution costs, decreased by $6.1 million, or 6.6% to $86.4 million from $92.5 million in 2025. The decline primarily reflected lower U.S. sales volumes resulting from the impact of tariffs and the Company’s ongoing strategic withdrawal from unprofitable product lines in 2025.

The Company achieved higher average selling prices during the quarter to recover higher raw material costs. Gross profit for the quarter was $3.5 million, compared to $3.8 million in the prior-year period, while year-to-date gross profit was $6.0 million compared to $7.8 million in the first six months of 2025. The decline primarily reflected lower U.S. sales volumes and reduced production volumes. Adjusted EBITDA for the quarter was $1.8 million compared to $2.3 million in the prior-year period, while year-to-date adjusted EBITDA was $2.7 million compared to $4.4 million in the first six months of 2025, primarily due to lower operating income and the impact of foreign exchange translation.  

“We continue to pursue opportunities in new and existing markets, while implementing price increases where possible to recover higher material costs,” 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 such as, "may," "will," "expect" or similar variations generally identify such statements. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Although management believes that expectations reflected in forward-looking statements are reasonable, such statements involve risks and uncertainties including risks and uncertainties discussed under the heading “Risks Relating to Our Business” in Tree Island’s most recent annual information form and management discussion and analysis.

The forward-looking statements contained herein reflect management’s current beliefs and are based upon certain assumptions that management believes to be reasonable based on the information currently available to management. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these forward-looking statements, shareholders should specifically consider various factors including the risks outlined herein and under the heading “Risk Relating to Our Business” in the recent annual information form, which may cause actual results to differ materially from any forward-looking statement. Such risks and uncertainties include, but are not limited to: general economic, market and business conditions, public health epidemics, the economy and potentially its supply chain, the cyclical nature of our business and demand for our products, the impact of any tax reassessments or appeals therefrom, financial condition of our customers, competition, deterioration in Tree Island Steel’s liquidity, leverage, and restrictive covenants, disruption in the supply of raw materials, volatility in the costs of raw materials, dependence on the construction industry, transportation costs and availability, foreign exchange fluctuations, labour relations, trade actions, dependence on key personnel and skilled workers, reliance on key customers, environmental matters, physical impacts of extreme weather conditions, intellectual property risks, energy costs, un-insured loss, credit risk, operating risk, product liability risks, management of growth, success of acquisition and integration strategies, and other risks and uncertainties set forth in our publicly filed materials.

This press release has been reviewed by the Company's Board of Directors and its Audit Committee and contains information that is current as of the date of this press release, unless otherwise noted. Events occurring after that date could render the information contained herein inaccurate or misleading in a material respect. Readers are cautioned not to place undue reliance on this forward-looking information and the management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise except as required by applicable securities laws.

For further information contact:
Ali Mahdavi, Investor Relations
Tree Island Steel
(416) 962-3300
e-mail: amahdavi@treeisland.com
Website: www.treeisland.com