Radius Recycling Posted Notable Jump in Ferrous, Nonferrous and Finished Steel Sales Volumes

SEATTLE (Scrap Monster): Financial data for the fourth quarter and fiscal year 2024 were released by Radius Recycling. Compared to the previous quarter, the company's financial and operational performance showed a notable improvement. Sales quantities of steel, nonferrous metals, and ferrous metals all increased in turn.

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Compared to the third quarter, the company's reported net loss of $16 million was a considerable improvement. In the fourth quarter, the continuing operations loss per share decreased to $0.56. When compared to Q3, the adjusted EBITDA nearly doubled to $17 million, or $13 per ferrous ton. According to a corporate news release, the adjusted loss per share from continued operations for the fourth quarter was $0.41.

Stronger nonferrous market conditions and prices, as well as noticeably greater sales volumes for ferrous, nonferrous, and finished steel products, were the main factors contributing to the impressive sequential improvement in performance. The company's $70 million yearly cost-cutting and productivity-boosting initiative also made a substantial contribution. On the other hand, the company's operations suffered throughout the quarter due to limited scrap availability.

The nonferrous and ferrous sales volumes increased sequentially by 13% and 12% respectively. The finished steel sales volume recorded a sequential increase of 11%.