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
BREAKING NEWS: Nucor surprises with $65/ton price drop for HRC
Nucor started off May with a bang, dropping its weekly base spot price for hot-rolled (HR) coil by $65 per short ton (st) this week.
Nucor breaks ground on new Berkeley galv line
Nucor broke ground on a new galvanizing line at its Nucor Steel Berkeley sheet mill in Huger, S.C., on Thursday, May 2.
USS, Nippon merger delayed by DOJ antitrust review
The sale of U.S. Steel Corp. to Nippon Steel Corp. has been delayed by the US Department of Justice’s antitrust investigation. The Justice Department, which is conducting an antitrust review of the merger, has requested additional information from both USS and NSC. The companies originally anticipated closing the sale in the second or third quarter […]
U.S. Steel Q1 earnings slip, BRS expansions proceed
U.S. Steel posted slightly lower Q1’24 earnings as stronger earnings from its sheet mills were partially offset by a weaker performance from it tubular division. All told, the Pittsburgh-based steelmaker reported Q1’24 earnings of $171 million. That's down 14.1% from $199 million in Q1’23 on sales that fell 6.9% to $4.16 billion in the same comparison.
ArcelorMittal says Calvert CR outage over, floats buying Nippon’s stake in JV
ArcelorMittal posted a narrower Q1’24 profit compared to Q1’23 but remained optimistic about steel's long-term demand prospects.