Metalico swings to loss but resolves problems

Mar 08, 2013 | 01:59 PM | Lisa Gordon

Tags  metal recycler, scrap, Metalico, earnings report, Carlos Agüero, Michael Drury, Lisa Gordon

PITTSBURGH — Metalico Inc. fell into the red last year due to higher raw material costs, lower volumes and lethargic pricing, but the company resolved the covenant issues it had been facing.

Last year "provided an uncanny repeat of 2011," president and chief executive officer Carlos E. Agüero said in a statement. "The first half of the year produced acceptable performance in a difficult environment, but we were once again disappointed with the subpar operating results and impairment charges incurred in the second half."

The last six months of the year were plagued by difficult market conditions, lower selling prices for processed material and tight supply due to competition for feedstock. ....

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