Tree Island Steel revenue rose 8.3% to $45.8M in Q2, lifted by Canadian sales; COO Davies said the company will keep pursuing price increases to recover material costs.
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Tree Island Steel posted a second-quarter revenue gain as Canadian sales in agricultural and industrial markets offset ongoing weakness in the United States.
The Vancouver-based wire product manufacturer said revenue, net of freight and distribution costs, rose 8.3% to $45.8 million in the three months ended June 30, from $42.3 million a year earlier. The company raised average selling prices to recover higher raw material costs.
The picture for the first half of 2026 was weaker. Revenue for the six-month period fell 6.6% to $86.4 million from $92.5 million. Tree Island attributed the decline to lower U.S. sales volumes tied to tariffs and to its strategic withdrawal from unprofitable product lines last year.
Gross profit for the quarter came in at $3.5 million, compared with $3.8 million in the same period of 2025. Adjusted EBITDA, a closely watched measure of operating performance, fell to $1.8 million from $2.3 million. For the six-month stretch, adjusted EBITDA dropped to $2.7 million from $4.4 million. The company blamed the declines on reduced U.S. sales volumes and lower production volumes. Foreign exchange translation also hurt results, it said.
“We continue to pursue opportunities in new and existing markets, while implementing price increases where possible to recover higher material costs,” Nancy Davies, Tree Island’s chief operating officer, said in the release.
The Canadian market has become a relative bright spot. The company said its domestic sales growth reflects a strategy to capture more market share in agricultural and industrial segments, where demand has held up better than in the U.S.
Tree Island shares trade on the Toronto Stock Exchange under the ticker TSL.
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