Metalico shifting to direct converter buys; net rises

Nov 07, 2008 | 11:01 AM | Paul Schaffer

Metalico Inc., Cranford, N.J., is shifting toward direct buying of discarded catalytic converters as it upgrades a business segment that subtracted $8.3 million from bottom-line earnings in the third quarter.

The hit was due to unhedged buys of platinum group scrap, a problem disclosed in early September as falling platinum prices shrank the value of PGM inventory. Since then, Andrew Masterman was recruited to run that portion of the company and hedging has become mandatory.....

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