Strong Operating Cash Flow of $135 Million
in the Fourth Quarter
Radius Board Declares Quarterly
Dividend
Schnitzer Steel Industries, Inc. dba Radius Recycling (NASDAQ:
RDUS) today reported results for the fourth quarter of fiscal 2023
ended August 31, 2023.
The Company reported a net loss of $(26) million, or $(23) per
ferrous ton, and a loss per share from continuing operations in the
fourth quarter of $(0.92), all of which include non-cash goodwill
and other asset impairment charges of $45 million, or $1.61 per
share. Adjusted earnings per share from continuing operations were
$0.47 in the fourth quarter and adjusted EBITDA was $49 million, or
$44 per ferrous ton. The Company generated strong operating cash
flow of $135 million in the fourth quarter.
Market conditions for recycled metals in the fourth quarter
weakened on lower global steel demand. Sequentially, average net
selling prices for recycled metals decreased, which, in combination
with a further tightening of supply flows over the summer, led to
significant metal spread compression, lower sales volumes, and an
adverse impact from average inventory accounting. These effects
were substantially offset by the recognition of certain insurance
recoveries during the quarter.
Commenting on the Company's fourth quarter results, Tamara
Lundgren, Chairman and Chief Executive Officer, said, "While market
conditions for recycled metals in the fourth quarter reflected the
impact of weaker demand fundamentals, driven by higher interest
rates, a slower recovery in China, and destocking in the domestic
markets, accompanied by tighter supply flows, our performance
benefited from strong operating cash flow and a continued focus on
productivity initiatives. The long-term structural demand for
recycled metals remains positive, supported by the increased focus
on decarbonization, the transition to low-carbon technologies, and
the anticipated demand associated with the Infrastructure
Investment and Jobs Act and the Inflation Reduction Act, including
Buy Clean provisions."
"During the quarter, we also unveiled our new corporate
identity, Radius Recycling, which better reflects the Company's
role as one of North America's largest metal recyclers, our
position in the circular economy, and our commitment to advance the
recovery, reuse, and recycling of the essential metals required to
support global carbon reduction." Ms. Lundgren continued, "Our work
and our purpose have never been more relevant than they are today.
Radius Recycling is a name that represents our over 3,300 employees
and a future in which recycled metals sit at the center of
progress, seamlessly connecting all points within the circular
economy."
Summary Results
($ in millions, except per share
amounts)
Quarter
Year
4Q23
3Q23
4Q22
2023
2022
Revenues
$
718
$
810
$
894
$
2,882
$
3,486
Gross margin (total revenues less cost of
goods sold)
$
90
$
96
$
85
$
308
$
488
Selling, general and administrative
expense
$
69
$
69
$
69
$
266
$
263
Net (loss) income
$
(26
)
$
14
$
11
$
(25
)
$
172
Net (loss) income per ferrous ton
$
(23
)
$
12
$
9
$
(6
)
$
37
Diluted earnings per share from continuing
operations attributable to Radius shareholders
Reported
$
(0.92
)
$
0.48
$
0.36
$
(0.92
)
$
5.72
Adjusted(1)
$
0.47
$
0.67
$
0.50
$
0.85
$
6.07
Adjusted EBITDA(1)
$
49
$
56
$
40
$
144
$
313
Adjusted EBITDA per ferrous ton(1)(5)
$
44
$
48
$
32
$
33
$
68
Cash flows from operating activities
$
135
$
(21
)
$
180
$
139
$
238
Ferrous sales volumes (LT, in
thousands)
1,105
1,157
1,268
4,376
4,616
Avg. net ferrous sales prices
($/LT)(2)
$
357
$
413
$
387
$
371
$
452
Nonferrous sales volumes (pounds, in
millions)(3)
204
208
186
739
687
Avg. nonferrous sales prices
($/pound)(2)(3)
$
0.94
$
1.01
$
1.05
$
0.96
$
1.08
Finished steel average net sales price
($/ST)(2)
$
861
$
924
$
1,118
$
930
$
1,075
Finished steel sales volumes (ST, in
thousands)
152
142
125
521
465
Rolling mill utilization (%)(4)
102
%
97
%
93
%
89
%
88
%
LT = Long Ton, which is equivalent to
2,240 pounds
ST = Short Ton, which is equivalent to
2,000 pounds
(1)
See Non-GAAP Financial Measures for
reconciliation to U.S. GAAP.
(2)
Price information is shown after netting
the cost of freight incurred to deliver the product to the
customer.
(3)
Nonferrous sales volumes and average
nonferrous prices excludes platinum group metals (“PGMs”) in
catalytic converters.
(4)
Rolling mill utilization is based on
effective annual production capacity under current conditions of
580 thousand tons of finished steel products.
(5)
May not foot due to rounding.
Fourth Quarter Fiscal 2023 Financial Review and
Analysis
Operating performance in the fourth quarter reflected
sequentially tighter supply flows for recycled metals, which,
together with lower average net selling prices for our products,
resulted in a compression of metal spreads. Results for the fourth
quarter included an adverse impact from average inventory
accounting of approximately $5 per ferrous ton, compared to a
benefit of $2 per ferrous ton in the third quarter of fiscal
2023.
Average net selling prices for ferrous and nonferrous products
decreased sequentially by 14% and 7%, respectively, and average net
selling prices for finished steel products were lower 7%. Ferrous
and nonferrous sales volumes decreased sequentially by 4% and 2%,
respectively, while finished steel sales volumes increased 7%.
Fourth quarter performance reflected the full achievement of the
$10 million quarterly run rate of productivity initiatives
announced in October 2022 and the quarterly run rate of $5 million
of SG&A savings initiatives announced in January 2023. The
benefits from these initiatives mitigated the impact of lower
recycled metal volumes and inflationary pressure on operating
costs. In the fourth quarter, the Company recognized insurance
recoveries of $41 million, of which $27 million was received in
cash, in connection with previously submitted claims related to
certain property damage and business interruption matters that had
occurred in prior periods.
The fourth quarter had operating cash flow of $135 million,
including a benefit from working capital management. Total debt
decreased by over $100 million sequentially and was $249 million at
the end of the quarter, and debt, net of cash, was $243 million
(for a reconciliation of adjusted results and debt, net of cash, to
U.S. GAAP, see the table provided in the Non-GAAP Financial
Measures section). Capital expenditures were $28 million in the
quarter, including investments in advanced metal recovery
technologies, maintaining the business and environmental-related
projects.
The effective tax rate for the fourth quarter of fiscal 2023 was
a benefit of approximately 12% on GAAP results and an expense of
approximately 32% on adjusted non-GAAP results. During the fourth
quarter, the Company returned capital to shareholders through its
118th consecutive quarterly dividend.
Declaration of Quarterly Dividend
The Board of Directors declared a cash dividend of $0.1875 per
common share, payable November 27, 2023 to shareholders of record
on November 13, 2023. The Company has paid a dividend every quarter
since going public in November 1993.
Analysts’ Conference Call: Fourth Quarter Fiscal 2023
Results
A conference call and slide presentation to discuss results will
be held today, October 25, 2023, at 11:30 a.m. Eastern and will be
hosted by Tamara Lundgren, Chairman and Chief Executive Officer,
and Stefano Gaggini, Senior Vice President and Chief Financial
Officer. The call and accompanying slide presentation will be
webcast and accessible under the Events Calendar on the Company’s
website at: www.radiusrecycling.com/company/investors. Summary
financial data is provided in the following pages. The slide
presentation and related materials will be available prior to the
call on the Company's website.
About Schnitzer Steel Industries, Inc. dba Radius
Recycling
Schnitzer Steel Industries, Inc. dba Radius Recycling is one of
the largest manufacturers and exporters of recycled metal products
in North America with operating facilities located in 25 states,
Puerto Rico, and Western Canada. Radius has seven deep water export
facilities located on both the East and West Coasts and in Hawaii
and Puerto Rico. The Company’s integrated operating platform also
includes 50 stores which sell serviceable used auto parts from
salvaged vehicles and receive over 4 million annual retail visits.
The Company’s steel manufacturing operations produce finished steel
products, including rebar, wire rod, and other specialty products.
The Company began operations in 1906 in Portland, Oregon.
SCHNITZER STEEL INDUSTRIES,
INC. dba RADIUS RECYCLING
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
($ in thousands, except per share
amounts)
(Unaudited)
Quarter
Year
4Q23
3Q23
4Q22
2023
2022
Revenues
$
717,931
$
809,610
$
894,412
$
2,882,224
$
3,485,815
Cost of goods sold
627,880
713,685
809,587
2,574,513
2,997,745
Selling, general and administrative
expense
69,217
68,527
69,237
265,929
263,257
Income from joint ventures
(704
)
(285
)
(1,151
)
(2,090
)
(2,740
)
Goodwill impairment charges
39,270
—
—
39,270
—
Other asset impairment charges
5,797
—
638
5,797
1,570
Restructuring charges and other
exit-related activities
141
169
25
2,730
77
Operating (loss) income
(23,670
)
27,514
16,076
(3,925
)
225,906
Interest expense
(5,211
)
(5,146
)
(3,042
)
(18,589
)
(8,538
)
Other loss, net
(273
)
(1,306
)
(556
)
(5,562
)
(692
)
(Loss) income from continuing operations
before income taxes
(29,154
)
21,062
12,478
(28,076
)
216,676
Income tax expense (benefit)
3,423
(7,221
)
(1,390
)
2,747
(44,597
)
(Loss) income from continuing
operations
(25,731
)
13,841
11,088
(25,329
)
172,079
Loss from discontinued operations, net of
tax
(31
)
(233
)
(37
)
(109
)
(83
)
Net (loss) income
(25,762
)
13,608
11,051
(25,438
)
171,996
Net income attributable to noncontrolling
interests
(54
)
(148
)
(699
)
(353
)
(3,196
)
Net (loss) income attributable to Radius
shareholders
$
(25,816
)
$
13,460
$
10,352
$
(25,791
)
$
168,800
Net (loss) income per share attributable
to Radius shareholders:
Basic:
(Loss) income per share from continuing
operations
$
(0.92
)
$
0.49
$
0.37
$
(0.92
)
$
6.01
Net (loss) income per share
$
(0.92
)
$
0.48
$
0.37
$
(0.92
)
$
6.01
Diluted:
(Loss) income per share from continuing
operations
$
(0.92
)
$
0.48
$
0.36
$
(0.92
)
$
5.72
Net (loss) income per share
$
(0.92
)
$
0.47
$
0.36
$
(0.92
)
$
5.72
Weighted average number of common
shares:
Basic
28,108
28,114
27,803
28,008
28,084
Diluted
28,108
28,659
28,892
28,008
29,529
Dividends declared per common share
$
0.1875
$
0.1875
$
0.1875
$
0.7500
$
0.7500
SCHNITZER STEEL INDUSTRIES, INC. dba RADIUS RECYCLING
SELECTED OPERATING
STATISTICS
(Unaudited)
1Q23
2Q23
3Q23
4Q23
YTD 2023
Total ferrous volumes (LT, in
thousands)(1)
851
1,263
1,157
1,105
4,376
Total nonferrous volumes (pounds, in
thousands)(1)(2)
162,720
164,796
207,714
203,707
738,937
Ferrous selling prices ($/LT)(3)
Domestic
$
313
$
359
$
414
$
346
$
360
Foreign
$
356
$
368
$
414
$
363
$
376
Average
$
340
$
367
$
413
$
357
$
371
Ferrous sales volume (LT, in
thousands)
Domestic
432
444
548
528
1,952
Foreign
418
819
609
577
2,424
Total
851
1,263
1,157
1,105
4,376
Nonferrous average price
($/pound)(2)(3)
$
0.90
$
0.99
$
1.01
$
0.94
$
0.96
Cars purchased (in thousands)(4)
69
72
78
67
286
Auto stores at period end
51
50
50
50
50
Finished steel average sales price
($/ST)(3)
$
1,015
$
943
$
924
$
861
$
930
Sales volume (ST, in thousands)
Rebar
101
84
97
108
390
Coiled products
16
24
43
43
126
Merchant bar and other
1
1
2
1
5
Finished steel products sold
118
109
142
152
521
Rolling mill utilization(5)
81
%
75
%
97
%
102
%
89
%
(1)
Ferrous and nonferrous volumes sold
externally and delivered to our steel mill for finished steel
production.
(2)
Excludes PGMs in catalytic converters.
(3)
Price information is shown after netting
the cost of freight incurred to deliver the product to the
customer.
(4)
Cars purchased by auto parts stores
only.
(5)
Rolling mill utilization is based on
effective annual production capacity under current conditions of
580 thousand tons of finished steel products.
SCHNITZER STEEL INDUSTRIES, INC. dba RADIUS RECYCLING
SELECTED OPERATING
STATISTICS
(Unaudited)
1Q22
2Q22
3Q22
4Q22
YTD 2022(6)
Total ferrous volumes (LT, in
thousands)(1)
1,148
1,071
1,129
1,268
4,616
Total nonferrous volumes (pounds, in
thousands)(1)(2)
153,227
147,145
201,413
185,634
687,419
Ferrous selling prices ($/LT)(3)
Domestic
$
431
$
418
$
516
$
389
$
438
Foreign
$
450
$
455
$
552
$
387
$
457
Average
$
446
$
445
$
541
$
387
$
452
Ferrous sales volume (LT, in
thousands)
Domestic
430
408
490
477
1,806
Foreign
718
663
639
791
2,810
Total
1,148
1,071
1,129
1,268
4,616
Nonferrous average price
($/pound)(2)(3)
$
1.05
$
1.10
$
1.12
$
1.05
$
1.08
Cars purchased (in thousands)(4)
80
73
84
76
312
Auto stores at period end
50
50
50
51
51
Finished steel average sales price
($/ST)(3)
$
979
$
1,045
$
1,129
$
1,118
$
1,075
Sales volume (ST, in thousands)
Rebar
74
73
99
96
343
Coiled products
25
32
35
28
119
Merchant bar and other
—
1
1
1
3
Finished steel products sold
99
106
135
125
465
Rolling mill utilization(5)
78
%
86
%
96
%
93
%
88
%
LT = Long Ton, which is equivalent to
2,240 pounds
ST = Short Ton, which is equivalent to
2,000 pounds
(1)
Ferrous and nonferrous volumes sold
externally and delivered to our steel mill for finished steel
production.
(2)
Excludes PGMs in catalytic converters.
(3)
Price information is shown after netting
the cost of freight incurred to deliver the product to the
customer.
(4)
Cars purchased by auto parts stores
only.
(5)
Rolling mill utilization is based on
effective annual production capacity under current conditions of
580 thousand tons of finished steel products.
(6)
May not foot due to rounding.
SCHNITZER STEEL INDUSTRIES, INC. dba RADIUS RECYCLING
CONDENSED CONSOLIDATED BALANCE
SHEETS
($ in thousands)
(Unaudited)
August 31, 2023
August 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
6,032
$
43,803
Accounts receivable, net
210,442
237,654
Inventories
278,642
315,189
Other current assets
55,224
74,740
Total current assets
550,340
671,386
Property, plant and equipment, net
706,805
664,120
Operating lease right-of-use assets
115,686
122,413
Goodwill and other assets
343,118
368,678
Total assets
$
1,715,949
$
1,826,597
Liabilities
and Equity
Current liabilities:
Short-term borrowings
$
5,813
$
6,041
Operating lease liabilities
19,835
21,660
Environmental liabilities
13,743
13,031
Other current liabilities
284,539
340,841
Total current liabilities
323,930
381,573
Long-term debt, net of current
maturities
243,579
242,521
Environmental liabilities, net of current
portion
53,034
55,469
Operating lease liabilities, net of
current maturities
96,086
101,651
Other long-term liabilities
87,661
86,909
Total liabilities
804,290
868,123
Total Radius Recycling ("Radius")
shareholders' equity
908,180
953,979
Noncontrolling interests
3,479
4,495
Total equity
911,659
958,474
Total liabilities and equity
$
1,715,949
$
1,826,597
Non-GAAP Financial Measures
This press release contains performance based on adjusted
diluted earnings per share from continuing operations attributable
to Radius shareholders, adjusted EBITDA, adjusted EBITDA per
ferrous ton, and adjusted selling, general, and administrative
expense which are non-GAAP financial measures as defined under SEC
rules. As required by SEC rules, the Company has provided a
reconciliation of these measures for each period discussed to the
most directly comparable U.S. GAAP measure. Management believes
that providing these non-GAAP financial measures adds a meaningful
presentation of our results from business operations excluding
adjustments for goodwill impairment charges, other asset impairment
charges, charges for legacy environmental matters (net of
recoveries), restructuring charges and other exit-related
activities, business development costs not related to ongoing
operations including pre-acquisition expenses, charges related to
non-ordinary course legal settlements, and the income tax benefit
allocated to these adjustments, items which are not related to
underlying business operational performance, and improves the
period-to-period comparability of our results from business
operations. We believe that presenting debt, net of cash is useful
to investors as a measure of our leverage, as cash and cash
equivalents can be used, among other things, to repay indebtedness.
These non-GAAP financial measures should be considered in addition
to, but not as a substitute for, the most directly comparable U.S.
GAAP measures.
Reconciliation of adjusted diluted
earnings per share from continuing operations attributable to
Radius shareholders
($ per share)
Quarter
Year
4Q23
3Q23
4Q22
2023
2022
As reported
$
(0.92
)
$
0.48
$
0.36
$
(0.92
)
$
5.72
Goodwill impairment charges, per share
1.40
—
—
1.40
—
Other asset impairment charges, per
share(1)
0.21
0.05
0.02
0.40
0.05
Charges for legacy environmental matters,
net, per share(2)
0.14
0.18
0.10
0.37
0.25
Restructuring charges and other
exit-related activities, per share
—
0.01
—
0.10
—
Business development costs, per share
—
—
0.02
0.02
0.09
Charges related to legal settlements, per
share(3)
—
—
—
—
0.02
Income tax benefit allocated to
adjustments, per share(4)
(0.35
)
(0.05
)
—
(0.50
)
(0.07
)
Effect of dilutive shares, per
share(5)
(0.01
)
—
—
(0.02
)
—
Adjusted(6)
$
0.47
$
0.67
$
0.50
$
0.85
$
6.07
Reconciliation of adjusted EBITDA and
adjusted EBITDA per ferrous ton
($ in millions)
Quarter
Year
4Q23
3Q23
4Q22
2023
2022
Net (loss) income
$
(26
)
$
14
$
11
$
(25
)
$
172
Plus interest expense
5
5
3
19
9
Plus income tax (benefit) expense
(3
)
7
1
(3
)
45
Plus depreciation and amortization
23
23
20
90
75
Plus goodwill impairment charge
39
—
—
39
—
Plus other asset impairment charges,
net(1)
6
1
1
11
2
Plus charges for legacy environmental
matters, net(2)
4
5
3
10
8
Plus restructuring charges and other
exit-related activities
—
—
—
3
—
Plus business development costs
—
—
1
—
3
Plus charges related to legal
settlements(3)
—
—
—
—
1
Adjusted EBITDA(6)
$
49
$
56
$
40
$
144
$
313
Ferrous sales volume (LT, in
thousands)
1,105
1,157
1,268
4,376
4,616
Adjusted EBITDA per ferrous ton sold
($/LT)
$
44
$
48
$
32
$
33
$
68
Reconciliation of adjusted selling, general and administrative
expense:
($ in millions)
Quarter
Year
4Q23
3Q23
4Q22
2023
2022
As reported
$
69
$
69
$
69
$
266
$
263
Charges for legacy environmental matters,
net(2)
(4
)
(5
)
(3
)
(10
)
(8
)
Business development costs
—
—
(1
)
—
(3
)
Adjusted(6)
$
65
$
63
$
66
$
255
$
253
Reconciliation of debt, net of
cash
($ in thousands)
August 31, 2023
May 31, 2023
August 31, 2022
Short-term borrowings
$
5,813
$
6,724
$
6,041
Long-term debt, net of current
maturities
243,579
344,084
242,521
Total debt
249,392
350,808
248,562
Less: cash and cash equivalents
6,032
4,511
43,803
Total debt, net of cash
$
243,360
$
346,297
$
204,759
LT = Long Ton, which is equivalent to
2,240 pounds
(1)
For the third quarter and the year ended
August 31, 2023, asset impairment charges included $1 million
($0.05 per share before taxes) and $5 million ($0.19 per share
before taxes), respectively, of impairment and other adjustments of
an equity investment to fair value reported within “Other loss,
net” on the Consolidated Statement of Operations.
(2)
Legal and environmental charges, net of
recoveries, for legacy environmental matters including those
related to the Portland Harbor Superfund site and to other legacy
environmental loss contingencies.
(3)
Charges related to legal settlements in
fiscal 2022 relate to a claim by a utility provider for past
charges.
(4)
Income tax allocated to the aggregate
adjustments reconciling reported and adjusted diluted earnings per
share from continuing operations attributable to Radius
shareholders is determined based on a tax provision calculated with
and without the adjustments.
(5)
For the quarter and year ended August 31,
2023, adjusted diluted earnings (loss) per share from continuing
operations attributable to Radius shareholders reflects the
inclusion of an incremental 608 thousand and 652 thousand common
stock equivalent shares, respectively, attributable to dilutive
share-based compensation awards that were antidilutive for the
purpose of calculating the comparable GAAP loss per share
measure.
(6)
May not foot due to rounding.
Forward-Looking Statements
Statements and information included in this press release by
Schnitzer Steel Industries, Inc. dba Radius Recycling ("Radius")
that are not purely historical are forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934 and are made pursuant to the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995. Except as noted
herein or as the context may otherwise require, all references in
this press release to “we,” “our,” “us,” “the Company,” “SSI,”
"Schnitzer Steel," and "Radius" refer to Radius and its
consolidated subsidiaries.
Forward-looking statements in this press release include
statements regarding future events or our expectations, intentions,
beliefs, and strategies regarding the future, which may include
statements regarding the impact of equipment upgrades, equipment
failures, and facility damage on production, including timing of
repairs and resumption of operations; the realization of insurance
recoveries; the Company’s outlook, growth initiatives, or expected
results or objectives, including pricing, margins, volumes, and
profitability; completion of acquisitions and integration of
acquired businesses; the progression and impact of investments in
processing and manufacturing technology improvements and
information technology systems; the impacts of supply chain
disruptions, inflation, and rising interest rates; liquidity
positions; our ability to generate cash from continuing operations;
trends, cyclicality, and changes in the markets we sell into;
strategic direction or goals; targets; changes to manufacturing and
production processes; the realization of deferred tax assets;
planned capital expenditures; the cost of and the status of any
agreements or actions related to our compliance with environmental
and other laws; expected tax rates, deductions, and credits; the
impact of sanctions and tariffs, quotas, and other trade actions
and import restrictions; the impact of pandemics, epidemics, or
other public health emergencies, such as the coronavirus disease
2019 (“COVID-19”) pandemic; the impact of labor shortages or
increased labor costs; obligations under our retirement plans;
benefits, savings, or additional costs from business realignment,
cost containment, and productivity improvement programs; the
potential impact of adopting new accounting pronouncements; and the
adequacy of accruals.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain, and often contain words such
as “outlook,” “target,” “aim,” “believes,” “expects,”
“anticipates,” “intends,” “assumes,” “estimates,” “evaluates,”
“may,” “will,” “should,” “could,” “opinions,” “forecasts,”
“projects,” “plans,” “future,” “forward,” “potential,” “probable,”
and similar expressions. However, the absence of these words or
similar expressions does not mean that a statement is not
forward-looking.
We may make other forward-looking statements from time to time,
including in reports filed with the Securities and Exchange
Commission, press releases, presentations, and on public conference
calls. All forward-looking statements we make are based on
information available to us at the time the statements are made,
and we assume no obligation to update any forward-looking
statements, except as may be required by law. Our business is
subject to the effects of changes in domestic and global economic
conditions and a number of other risks and uncertainties that could
cause actual results to differ materially from those included in,
or implied by, such forward-looking statements. Some of these risks
and uncertainties are discussed in “Item 1A. Risk Factors” of Part
I of our most recent Annual Report on Form 10-K. Examples of these
risks include: potential environmental cleanup costs related to the
Portland Harbor Superfund site or other locations; the impact of
goodwill impairment charges; the impact of equipment upgrades,
equipment failures, and facility damage on production; failure to
realize or delays in realizing expected benefits from capital and
other projects, including investments in processing and
manufacturing technology improvements and information technology
systems; the cyclicality and impact of general economic conditions;
the impact of inflation, rising interest rates, and foreign
currency fluctuations; changing conditions in global markets
including the impact of sanctions and tariffs, quotas, and other
trade actions and import restrictions; increases in the relative
value of the U.S. dollar; economic and geopolitical instability
including as a result of military conflict; volatile supply and
demand conditions affecting prices and volumes in the markets for
raw materials and other inputs we purchase; significant decreases
in recycled metal prices; imbalances in supply and demand
conditions in the global steel industry; difficulties associated
with acquisitions and integration of acquired businesses; supply
chain disruptions; reliance on third-party shipping companies,
including with respect to freight rates and the availability of
transportation; the impact of impairment of assets other than
goodwill; the impact of pandemics, epidemics, or other public
health emergencies, such as the COVID-19 pandemic; inability to
achieve or sustain the benefits from productivity, cost savings,
and restructuring initiatives; inability to renew facility leases;
customer fulfillment of their contractual obligations; potential
limitations on our ability to access capital resources and existing
credit facilities; restrictions on our business and financial
covenants under the agreement governing our bank credit facilities;
the impact of consolidation in the steel industry; product
liability claims; the impact of legal proceedings and legal
compliance; the impact of climate change; the impact of not
realizing deferred tax assets; the impact of tax increases and
changes in tax rules; the impact of one or more cybersecurity
incidents; the impact of increasing attention to environmental,
social, and governance matters; translation risks associated with
fluctuation in foreign exchange rates; the impact of hedging
transactions; inability to obtain or renew business licenses and
permits; environmental compliance costs and potential environmental
liabilities; increased environmental regulations and enforcement;
compliance with climate change and greenhouse gas emission laws and
regulations; the impact of labor shortages or increased labor
costs; reliance on employees subject to collective bargaining
agreements; and the impact of the underfunded status of
multiemployer plans in which we participate.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231025053586/en/
Investor Relations: Michael Bennett (503) 323-2811
mcbennett@rdus.com
Company Info: www.radiusrecycling.com ir@rdus.com
Radius Recycling (NASDAQ:RDUS)
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