PITTSBURGH PSC Metals
Inc. fell into the red last year as higher revenue and
shipments were unable to offset lower selling prices.
The Mayfield Heights, Ohio-based
metals recycler and broker posted a 2012 operating loss of $58
million, in contrast to operating earnings of $6 million the
previous year, despite revenue inching up 0.6 percent to more
than $1.1 billion.
The revenue increase was driven
by higher nonferrous shipments, increased brokerage sales and
2011 acquisitions, according to a regulatory filing.
Nonferrous shipments totaled
241.33 million pounds last year, a 37.6-percent increase from
175.52 million pounds in 2011, augmented by increased shipments
of shredded aluminum, but average nonferrous selling prices
were down 12 percent.
Ferrous shipments totaled
1,592,000 tons, a 1-percent improvement from 1,576,000 tons in
2011 but average selling prices were 9 percent lower.
Parent company Icahn Enterprises
LP posted 2012 net income of $396 million, down 47.2 percent
from $750 million the previous year despite a 60.2-percent
increase in net sales to $14.62 billion from $9.13 billion
driven largely by its energy, rail car and gaming