UPDATE 1-Russel Metals takes loss on weak sales, writedown

* Falls to loss of C$0.41/shr vs profit of C$1.25/shr

* Revenue dives 46 percent to C$462.5 million

* Shares ease 1.5 percent

TORONTO, Aug 5 (Reuters) - Canada's Russel Metals (RUS.TO) said on Wednesday it fell to a loss in the second quarter as it took a C$56 million ($52 million) inventory writedown and suffered a steep drop in revenue due to plunging steel demand.

The metals producer and distributor lost C$24.6 million, or 41 Canadian cents a share, in the quarter ended June 30. That compared with a profit of C$78.8 million, or C$1.25 a share, in the year-before period.

Excluding the writedown and a $4 million property sale gain, adjusted profit was 10 Canadian cents a share.

Quarterly revenue plunged by 46 percent to C$462.5 million, hurt by sales volume declines in all operating segments -- metals service, energy tubular products and steel distribution -- as well as pricing pressure from declining steel mill prices and excess inventory in the supply chain, the company said.

Russel has been hit hard by plunging demand for steel products this year as the economic downturn has slowed industrial and building activity.

The company's shares, which have fallen 14 percent in 2009, were down 26 Canadian cents at C$16.32 on the Toronto Stock Exchange late on Wednesday.

($1=$1.07 Canadian) (Reporting by Cameron French; editing by Peter Galloway)