Low spreads, scrap flow hit Aleris in quarter
Aug 02, 2012 | 02:47 PM
| Daniel Fitzgerald
NEW YORK "Historically low spreads" and tight scrap flows weighed on Aleris International Inc.s second-quarter earnings as scrap dealers continued to hold inventory while waiting for higher prices, the company said during an earnings call Thursday.
Aleris chairman and chief executive officer Steven J. Demetriou said during the call that the performance of the companys global recycling sector had a negative impact on its balance sheet, with the Recycling and Specification Alloys North America segment recording a 38.4-percent year-on-year drop in segment income to $14.6 million during the quarter from $23.7 million a year earlier.....
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