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Radius Recycling, Inc. - RDUS STOCK NEWS

Welcome to our dedicated page for Radius Recycling news (Ticker: RDUS), a resource for investors and traders seeking the latest updates and insights on Radius Recycling stock.

Radius Recycling, Inc. (NASDAQ: RDUS), formerly known as Schnitzer Steel Industries, Inc., stands as a prominent figure in North America's recycling and steel manufacturing industry. Established in 1906 in Portland, Oregon, the company has evolved from a small, one-man scrap metal operation into a major player in the market, boasting a diversified and vertically integrated business model.

Radius Recycling specializes in the recycling of ferrous and nonferrous metals, including end-of-life vehicles, and the manufacture of finished steel products. Their operational network comprises 54 metals recycling facilities, 50 self-service auto parts stores, and an electric arc furnace steel mill. This extensive infrastructure enables Radius to meet global demand efficiently.

Key Business Units:

  • Metals Recycling Business: Processes a substantial quantity of recycled ferrous and nonferrous metals, significantly contributing to environmental sustainability and resource conservation.
  • Auto Parts Business: Operates 50 retail stores selling serviceable parts from salvaged vehicles, receiving over 4 million annual visits from retail customers.
  • Steel Manufacturing Business: Produces a variety of finished steel products, including rebar and wire rod, using eco-friendly electric arc furnace technology.

Despite the challenges posed by tight supply flows and adverse weather conditions impacting sales volumes, Radius Recycling has demonstrated resilience and adaptability. Recent productivity initiatives aim to reduce selling, general, and administrative expenses by 10%, alongside increasing production efficiencies, expected to yield $40 million in annual benefits.

Recent Financial Highlights:

  • Revenue: Achieved $2.5 billion in fiscal 2014, reflecting robust market presence and operational efficiency.
  • Global Reach: Positions in 25 states, Puerto Rico, and Western Canada, with deep-water export facilities expanding its market access.
  • Strategic Initiatives: Focused on enhancing nonferrous production and expanding recycling services, positioning the company favorably against market headwinds.

Under the leadership of Tamara Lundgren, Chairman and CEO, Radius Recycling remains focused on cost control, operational efficiency, and strategic growth. The company's commitment to sustainability and low-carbon technologies aligns with global decarbonization trends, positioning Radius to capitalize on future market opportunities.

Partnerships and Projects: Radius continues to invest in advanced metal recovery technologies and expand its recycling platform, supporting its mission of promoting environmental sustainability and efficient resource use.

The company will report its financial results for the second quarter of fiscal 2024 on April 4, 2024, with a webcast conference call hosted by Tamara Lundgren and Stefano Gaggini, Senior Vice President and CFO, to discuss the results.

Rhea-AI Summary

Radius Recycling (NASDAQ: RDUS) reported its financial results for Q3 fiscal 2024, ending May 31, 2024. The company experienced a net loss of $199 million, translating to a loss per share of $(6.97), attributed mainly to a $216 million non-cash goodwill impairment charge. Adjusted EBITDA improved to $9 million from $3 million in the prior quarter, driven by higher nonferrous and ferrous sales volumes and productivity improvements, though offset by lower ferrous prices. Adjusted loss per share was $(0.59), improving from $(1.04) in Q2. Nonferrous sales prices rose by 10%, while ferrous prices declined by 9%, reflecting divergent market trends. Rolling mill utilization increased to 88% from 81% in the prior quarter. The Board declared a quarterly dividend of $0.1875 per share, payable on August 5, 2024. The company also announced an amendment to its credit agreement, providing relaxed financial covenants and secured revolving credit facilities up to $800 million.

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Radius Recycling (NASDAQ: RDUS) will announce its financial results for the third quarter of fiscal 2024, which ended on May 31, 2024, on July 2, 2024. A webcast conference call to discuss the results is scheduled for the same day at 11:30 a.m. Eastern Time. The webcast and accompanying slide presentation can be accessed via the company's investor relations webpage. The call will be hosted by Chairman and CEO Tamara Lundgren, along with Senior VP and CFO Stefano Gaggini.

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Radius Pharmaceuticals, Inc. presents real-world evidence comparing TYMLOS to teriparatide in women with osteoporosis, showing lower incidence of hip and non-vertebral fractures with TYMLOS. The data supports TYMLOS as an important treatment option, presented at the World Congress on Osteoporosis, Osteoarthritis and Musculoskeletal Diseases.
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Radius Recycling, Inc. (NASDAQ: RDUS) reported a loss per share of $(1.19) and a net loss of $(34) million for the second quarter of fiscal 2024. Despite challenging market conditions, the company increased finished steel sales volumes by 5% year-over-year and set a new cost reduction target of $40 million. The Board declared a quarterly dividend of $0.1875 per share.
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Radius Recycling, Inc. (RDUS) reported its fiscal 2024 second-quarter results with a net loss of approximately $(35) million and adjusted EBITDA of $2 million. Market conditions impacted sales volumes, with ferrous sales down by 15% sequentially, nonferrous up by 7% year-over-year, and finished steel up by 5% year-over-year. The company implemented cost reduction measures to achieve $40 million in annual benefits and expects operating cash outflow of $50-60 million for the quarter.
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Radius Recycling, Inc. (NASDAQ: RDUS) has been honored as one of the 2024 World’s Most Ethical Companies by Ethisphere for ten consecutive years. The company's commitment to ethics, integrity, and sustainability has been recognized globally, showcasing its dedication to best-in-class practices.
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Schnitzer Steel Industries, Inc. (NASDAQ: RDUS) reported a loss per share from continuing operations of $(0.64) and a net loss of $(18) million for the first quarter of fiscal 2024. Operating performance reflected tighter supply flows for recycled metals and lower average net selling prices. Nonferrous sales volumes increased by 12% year-over-year, and finished steel sales volumes were up by 10%. The company declared a quarterly dividend of $0.1875 per common share.
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Schnitzer Steel Industries, Inc. (RDUS) will report Q1 fiscal 2024 financial results on Jan 4, 2024. The webcast conference call will be hosted by Tamara Lundgren, CEO, and Stefano Gaggini, CFO, discussing the results and slide presentation.
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Schnitzer Steel Industries, Inc. dba Radius Recycling (NASDAQ: RDUS) released its Fiscal 2023 Sustainability Report, highlighting its leadership in metals recycling, diversion of millions of tons of metals from landfills, and achieving greenhouse gas emissions reduction target two years ahead of schedule. The report also details the company's new corporate name, Radius Recycling, and its recognition as a global leader in sustainability.
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Schnitzer Steel Industries, Inc. (NASDAQ: RDUS) CEO Tamara Lundgren has been named to the TIME100 Climate List for her advocacy and leadership in advancing the circular economy and promoting the importance of recycled metals in the transition to low carbon technologies. Lundgren emphasizes the alignment of economic progress and climate impact, highlighting Radius Recycling's commitment to a sustainable future. The company was recognized for its efforts in the circular economy and was previously named the Most Sustainable Company in the World by Corporate Knights. TIME's assessment considered factors such as recency of action, measurable results, and influence.
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FAQ

What is Radius Recycling, Inc.?

Radius Recycling, Inc. (formerly Schnitzer Steel Industries, Inc.) is a leading recycler of ferrous and nonferrous metals and a manufacturer of finished steel products in North America.

What does Radius Recycling do?

Radius Recycling specializes in recycling ferrous and nonferrous metals, including end-of-life vehicles, and manufacturing finished steel products.

Where is Radius Recycling headquartered?

Radius Recycling is headquartered in Portland, Oregon.

What are the key business units of Radius Recycling?

The key business units include the Metals Recycling Business, the Auto Parts Business, and the Steel Manufacturing Business.

How has Radius Recycling performed financially?

Radius Recycling achieved $2.5 billion in revenues in fiscal 2014 and remains a significant player in the recycling and steel manufacturing industry.

What are the latest financial results for Radius Recycling?

The company will report its financial results for the second quarter of fiscal 2024 on April 4, 2024.

What are Radius Recycling's strategic initiatives?

Radius is focused on enhancing nonferrous production, expanding recycling services, and implementing cost reduction and productivity improvement programs.

Who is the CEO of Radius Recycling?

Tamara Lundgren is the Chairman and Chief Executive Officer of Radius Recycling.

How does Radius Recycling contribute to sustainability?

Radius promotes environmental sustainability by recycling metals, reducing carbon emissions, and supporting low-carbon technologies.

Where can I find more information about Radius Recycling?

For more information, visit their official website or the investors section at www.radiusrecycling.com/company/investors.

Radius Recycling, Inc.

Nasdaq:RDUS

RDUS Rankings

RDUS Stock Data

404.90M
27.78M
6.39%
84.04%
2.8%
Secondary Smelting, Refining, and Alloying of Nonferrous Metal (except Copper and Aluminum)
Manufacturing
Link
United States of America
PORTLAND