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Metal Recycling News April 05, 2024 09:30:19 PM

Radius Recycling: Tight Recycled Metals Supply Flows, Wet Winter Weather Impacted Earnings

Paul Ploumis
ScrapMonster Author
However, finished steel sales volumes were up by 5% year-on-year.

Radius Recycling: Tight Recycled Metals Supply Flows, Wet Winter Weather Impacted Earnings

SEATTLE (Scrap Monster): Radius Recycling, Inc. reported results for the second quarter of fiscal 2024 ended February 29, 2024. The quarterly earnings of the company were badly impacted by tight supply flows for recycled metals and wet weather conditions. The Q2 FY2024 earnings by the company missed predictions.

According to company press release, it reported a loss per share from continuing operations of $(1.19) and a net loss of $(34) million. The adjusted EBITDA was $3 million and adjusted loss per share from continuing operations was $(1.04).  

The challenging market conditions impacted sales volumes and metal spreads for both recycled metals and finished steel. The continued low levels of U.S. manufacturing activity resulted in constrained scrap generation. The market conditions for ferrous recycled metals softened during the quarter.

The ferrous sales volume witnessed sequential decline by 15%, whereas nonferrous sales volume recorded 3% decline sequentially. The finished steel sales volume declined sharply by 11% sequentially due to lower construction demand. However, finished steel sales volumes were up by 5% year-on-year.

Tamara Lundgren, Chairman and Chief Executive Officer foresees challenging near-term market conditions for recycled metals. A dip in U.S. interest rates coupled with anticipated recovery in global manufacturing activity should boost scrap supply flows in the long-term, Lundgren added.

 

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