Horsehead returns to profitability in first qtr.
May 07, 2013 | 12:33 PM
| Anne Riley
NEW YORK Horsehead Holding Corp. returned to profitability in the first quarter after posting four consecutive quarterly losses as soaring zinc premiums more than offset lower shipment volumes, the Pittsburgh-based zinc producer and electric-arc furnace dust recycler said.
In the first quarter, Horsehead saw zinc product shipments drop 14.9 percent year over year to 42,772 tons, largely due to a decision to build inventory ahead of its scheduled transition to its new smelter site in Mooresboro, N.C., later this year. The new facility, announced in 2011 as the replacement site for its existing Monaca, Pa., zinc smelter, remains on schedule for startup in the second half of 2013, president and chief executive officer James Hensler said on the companys May 6....
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