Radius Recycling Declared Q4 FY23 Results

SEATTLE (Scrap Monster): Portland, Oregon-based Radius Recycling For announced results for the fourth quarter of fiscal 2023.

The company reported net loss of $26 million or $23 per ferrous ton and loss per share from continuing operations in the fourth quarter. The adjusted earnings per share from continuing operations stood at $0.47 during the quarter, while the adjusted EBITDA was $49 million or $44 per ferrous ton. Radius Recycling generated strong operating cash flow of $135 million in Q4 FY23.

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The falling global steel demand resulted in weak market conditions for recycled metals. The dip in average net selling prices for recycled metals coupled with tighter supply flows led to notable compression in metal spread and lower sales volume. On the other hand, the company recognized certain insurance recoveries during the quarter.

Tamara Lundgren, Chairman and Chief Executive Officer, Radius Recycling commented that the impact of weaker demand fundamentals led to subdued market conditions for recycled metals. The increased focus on decarbonization and transition to low-carbon technologies are likely to contribute to positive long-term structural demand for recycled metals, Lundgren added.