US-based steel manufacturing and scrap metal recycling company Radius Recycling, formerly known as Schnitzer Steel Industries, has announced its financial results for the first quarter ended November 30 of the financial year 2023-24.
In the given quarter, the company posted a net loss of $18 million, compared to a net loss of $26 million in the second quarter and a net loss of $17 million in the corresponding period of the previous year. The company’s revenues in the given quarter were at $673 million, down by 6.3 percent quarter on quarter and up by 12.4 percent year on year. The company’s adjusted EBITDA amounted to $1 million in the first quarter.
Radius Recyling’s finished steel product sales volumes in the first quarter totaled 117,028 mt, down by 15.1 percent compared to the previous quarter and up by 9.3 percent year on year. According to the company’s statement, market conditions for recycled metals remained challenging during the quarter, primarily due to lower manufacturing activity in the US and the impact across Asia of the economic slowdown in China.