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.
Radius Recycling (NASDAQ:RDUS) has released its Fiscal 2024 Sustainability Report, highlighting significant achievements in its three-pillar sustainability framework: People, Planet, and Profit. The company reported a 30% reduction in greenhouse gas emissions compared to 2019 baseline, and maintained 100% net carbon-free electricity across recycling operations for the fourth consecutive year.
Key accomplishments include recycling 4.9 million metric tons of metals, selling 3.8 million recycled auto parts, and producing 509,000 tons of low-carbon emission steel products. The company achieved a 16% year-over-year reduction in total case incident rate, with 90% of facilities free of lost time injuries. The report also highlighted expanded ISO-certified Environmental Management System coverage to 50% of facilities and increased employee 401(k) participation to 70%.
Radius received multiple recognitions, including placement on Corporate Knights' Global 100 List, Ethisphere Institute's World's Most Ethical Companies for the tenth consecutive year, and re-certification as a Great Place to Work.
Radius Recycling (NASDAQ: RDUS) has released its Fiscal 2024 Sustainability Report, highlighting significant achievements in its three-pillar sustainability framework: People, Planet, and Profit. Key accomplishments include a 30% reduction in greenhouse gas emissions compared to 2019, a 16% year-over-year reduction in total case incident rate, and ISO certification expansion to 50% of facilities.
The company recycled 4.9 million metric tons of metals, sold 3.8 million recycled auto parts, and 509,000 tons of low-carbon emission steel products. Notable achievements include maintaining 100% net carbon-free electricity across recycling operations for the fourth consecutive year, expanding the 3PR™ portfolio, and increasing employee 401(k) participation to 70%. The company was recognized on Corporate Knights' Global 100 List, named one of World's Most Ethical Companies® for the tenth consecutive year, and re-certified as a Great Place to Work®.
Radius Pharmaceuticals has expanded its licensing agreement with Theramex for ELADYNOS® (abaloparatide), granting exclusive commercialization rights in Mexico, Canada, Israel, South Africa, and Russia. The agreement includes an upfront payment, milestone payments, and tiered royalties.
ELADYNOS®, marketed as TYMLOS® in the U.S., is a novel bone-forming agent for treating osteoporosis in postmenopausal women and men at increased fracture risk. Theramex will maintain exclusive commercialization rights in the European Economic Area, United Kingdom, Australia, and Brazil, where the product received approval in December 2022 and November 2024 respectively.
Radius Recycling (NASDAQ: RDUS) has appointed Marc Hathhorn as Executive Vice President and Chief Operating Officer, effective November 1, 2024. Hathhorn joins from Peabody Energy , where he served as President of Global Operations, managing 5,000 employees and 17 coal mines. The company highlighted its operational capacity, including 100+ facilities producing over 4 million tons of recycled ferrous volumes, 700 million pounds of nonferrous volumes, and 500 thousand tons of low carbon GRN™ finished steel products annually. In his new role, Hathhorn will focus on operational excellence, growth strategies, and advancing the company's strategic objectives.
Radius Recycling (NASDAQ: RDUS) has appointed Mauro Gregorio as a new independent director, effective November 1, 2024. Gregorio, the former President of Performance Materials & Coatings Division at Dow, will serve on the Audit Committee and Compensation and Human Resources Committee. With a 40-year career at Dow, he led the Dow Corning integration, managed feedstock and energy operations, and oversaw Latin American operations. He holds a BS in Chemical Engineering and an MBA, and currently serves on Eagle Materials' board. The appointment expands Radius' board to eight members.
Radius Recycling (NASDAQ: RDUS) reported Q4 and fiscal 2024 results with a net loss of $(16) million, or $(0.56) per share, showing improvement from Q3. Q4 Adjusted EBITDA reached $17 million, nearly double compared to Q3. The company saw significant sequential improvements with ferrous sales volumes up 12%, nonferrous sales volumes up 13%, and finished steel sales up 11%. Performance was driven by stronger nonferrous market conditions, expanded recycled metal spreads, and benefits from the $70 million annual cost reduction program. The Board declared a quarterly dividend of $0.1875 per share.
Radius Recycling (NASDAQ: RDUS) has announced the date for its fourth quarter and fiscal 2024 earnings report. The company will release its financial results on Thursday, October 24, 2024, for the period ended August 31, 2024. A webcast conference call is scheduled for 11:30 a.m. Eastern Time on the same day to discuss the results.
Investors can access the webcast and accompanying slide presentation on the company's website at www.radiusrecycling.com/company/investors. The call will be hosted by Tamara Lundgren, Chairman and CEO, and Stefano Gaggini, Senior VP and CFO.
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.
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.
FAQ
What is the current stock price of Radius Recycling (RDUS)?
What is the market cap of Radius Recycling (RDUS)?
What is Radius Recycling, Inc.?
What does Radius Recycling do?
Where is Radius Recycling headquartered?
What are the key business units of Radius Recycling?
How has Radius Recycling performed financially?
What are the latest financial results for Radius Recycling?
What are Radius Recycling's strategic initiatives?
Who is the CEO of Radius Recycling?
How does Radius Recycling contribute to sustainability?
Where can I find more information about Radius Recycling?
