Published by: Geoff Mattson<>
4 Apr 2025 @ 20:27 UTC

Radius Recycling reported a loss of $1.15 per share from continuing operations and a net loss of $33 million in the second quarter of fiscal 2025, compared with a loss of $1.19 per share and $34 million respectively in the prior year quarter; results were supported by higher ferrous and finished steel sales volumes but negatively impacted by lower ferrous sales prices, according to the company.
On Friday April 4, Radius reported its results for its fiscal second quarter, ended on February 28, with an adjusted loss per share from continuing operations at $0.99 per share compared with $1.04 per share in the prior-year quarter, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) at approximately breakeven, down from $3 million.
Ferrous average net selling prices declined by 14% year over year to $330 per gross ton, down from $384 per ton.
Tight scrap flows — exacerbated by severe winter weather — compressed metal spreads compared with the prior-year quarter, the company said in its April 4 release.
Inventory accounting had a neutral impact on results, compared with a benefit of $2 per ton in the prior-year period.
Domestic and export markets diverged late in the quarter.
Domestic ferrous scrap prices increased sharply as mills began restocking, expanding margins on domestic shipments, while export sales were impacted by spread compression on previously contracted volumes.
Ferrous sales volumes totaled 1.09 million tons, up by 12% from 980,000 tons in the prior-year period, supported by a drawdown in inventories.
Nonferrous demand remained strong, with average prices rising by 10% to $1.03 per lb from $0.94 per lb, while sales volumes declined by 1% to 174 million lbs from 176 million lbs due to shipment timing.
Finished steel contribution declined year over year, with average selling prices down by 9% to $756 per short ton from $832 per ton. Sales volumes rose by 15% to 131,000 tons from 114,000 tons. The company’s mill utilization rate increased to 88%, compared with 81% in the second quarter of fiscal 2024.
Gross margin for the quarter was $27 million, down from $40 million. Selling, general and administrative expenses fell by 12% to $55 million, reflecting cost reductions and a $3 million gain from asset monetization.
Operating cash flow was $20 million, and free cash flow totaled $13 million. Capital expenditures were $11 million. Net debt stood at $424 million at quarter-end.
Radius did not host an earnings call due to its pending merger with Toyota Tsusho America, announced on March 13. The deal is expected to close in the second half of calendar 2025.