Scrap recovery sustainable after brief retreat: CMC
Dec 22, 2009 | 09:49 AM
| Corinna Petry
Commercial Metals Co.'s Americas Recycling division posted operating income of $94,000 during the fiscal first quarter ended Nov. 30, a vast improvement from the $28-million operating loss registered in the same quarter last year, on shipments that improved 4.4 percent to 588,000 short tons and revenue that grew 11.2 percent to $289.5 million.
Although ferrous scrap pricing generally retreated during the November quarter, a recovery was seen very late in the period, according to Murray McClean, CMC's chairman, president and chief executive officer.....
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