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
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