Radius Recycling Announced Net Loss in Q1 FY2024

SEATTLE (Scrap Monster): Radius Recycling reported results for the initial quarter of fiscal 2024 ended 30^th November, 2023.

The company reported loss from continuing operations of $0.64 per share and a net loss of $18 million during the quarter. The adjusted loss from continuing operations stood at $0.64 per share, while the adjusted EBITDA during the quarter was $1 million.

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The market conditions remained challenging for recycled metals, mainly due to lower U.S. manufacturing activity, impacts across Asian region on account of Chinese economic slowdown and boosted Chinese steel exports. The tight supply of recycled metals coupled with lower average net selling prices resulted in a compression of metal spreads, the company news release said.

The non-ferrous sales volume by the company recorded 12% surge year-on-year. The mill utilization rate during the quarter stood at 95%, while the finished steel sales volume went higher by 10%.

Commenting on the results, Tamara Lundgren, Chairman and Chief Executive Officer noted that the company is well-positioned to benefit from near-term market improvements and the anticipated longer-term demand recovery driven by decarbonization efforts and switch to low-carbon technologies.