Aleris’ net up in qtr. despite low scrap spreads
Nov 02, 2012 | 02:08 PM
| Daniel Fitzgerald
Tags
Aleris,
scrap metal spreads,
quarterly earnings,
recycling segment,
London Metal Exchange,
Nasaac,
Daniel Fitzgerald
NEW YORK — Aleris International Inc. felt the effects of "extremely low scrap metal spreads in North America" during the third quarter.
The company posted adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $78.4 million during the quarter, down 18.7 percent from adjusted Ebitda of $96.4 million in the year-ago period.
The results were negatively impacted by "a weak scrap metal spread environment," with "our scrap purchasing prices remaining high, while our spec selling prices have decreased," chairman and chief executive officer Steven J. Demetriou said in a conference call with analysts.....
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