Steel Mills

Radius Recycling Posts Loss on Lower Demand, Prices
Written by Becca Moczygemba
October 25, 2023
Radius Recycling
Fiscal fourth quarter ended Aug. 31 | 2023 | 2022 | % Change |
---|---|---|---|
Net sales | $718 | $894 | -20% |
Net earnings (loss) | $(26) | $11 | -336% |
Per diluted share | $(0.92) | $0.36 | -356% |
Fiscal year ended Aug. 31 | |||
Net sales | $2,882 | $3,486 | -17% |
Net earnings (loss) | $(25) | $172 | -115% |
Per diluted share | $(0.92) | $5.72 | -116% |
Radius Recycling, formerly known as Schnitzer Steel Industries, reported a loss for its fiscal fourth quarter ended Aug. 31.
The Portland, Ore.-based metals recycler and longs producer was affected by weak market conditions. Lower global steel demand and a decline in the average selling price for recycled metals were contributing factors, it said.
Tamara Lundgren, the company’s chairman and CEO, said that though the market has been sluggish the company maintained a strong operating cash flow.
Radius recorded a net loss of $26 million in fiscal Q4 2023, down from earnings of $11 million in the same quarter last year. Net sales fell 19.7% to $718 million over the same period. (See chart above.)
“The long-term structural demand for recycled metals remains positive, supported by the increased focus on decarbonization, the transition to low-carbon technologies, and the anticipated demand associated with the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, including Buy Clean provisions,” said Lundgren.

Becca Moczygemba
Read more from Becca MoczygembaLatest in Steel Mills

SSAB announces $74M expansion in Alabama
The project will expand heat treat capacity at its Axis, Alabama plant

ArcelorMittal’s EAF in Alabama expects first heat in Q2
The facility at AMNS Calvert will be the first EAF in North America capable of supplying exposed automotive grades with domestically melted and poured material.

Nucor’s Topalian lauds Trump’s trade policies, downplays impact
Nucor’s top exec Leon Topalian said the benefit of the current administration’s aggressive trade policies “trumps” any risk of potentially higher raw materials prices.

SSAB reports higher production, shipments
But profits slipped vs. last year.

Nucor earnings slump in first quarter, but better times seen ahead
Nucor’s profits fell precipitously in the first quarter, but the company has a rosier outlook for the following quarter.