Metal Management profits increase 80%

Metal Management profits increase 80%

Metal Management, Inc., one of the US’s largest scrap metal recyclers, published results for its fourth quarter and fiscal year ending March 31, 2005. Fourth quarter 2005 net sales saw a year on year 25% increase to $462.2 million. Metal Management reported net income for the quarter at $16.2 million. For the fiscal year 2005, Metal Management had net sales of $1.7 billion, up 54% from the 2004’s $1.1 billion. With a net income of $92.3 million, Metal Management easily surpassed 2004’s total income of $51.4 million. Among other highlights, Metal Management eliminated debt under its credit facility, processed 5.1 millions tons of metal, and increased ferrous yard shipments by 6% to 4.7 million tons.