PITTSBURGH PSC Metals Inc. is working to expand its margins, the company said, after logging a third-quarter net loss despite higher revenue.
The Mayfield Heights, Ohio-based metals recycler and broker posted a net loss of $5 million in three months ended Sept. 30, unchanged from the same 2012 period, on revenue that rose nearly 3 percent to $243 million.
The increase in revenue was driven by higher ferrous and nonferrous shipments. Ferrous shipments rose to 10.1 percent year on year to 394,000 tons during the quarter, with average selling prices up $4 per gross ton in the same comparison as higher utilization rates at domestic mills increased demand.
Nonferrous shipments topped 61 million pounds, up 9.4 percent from nearly 55.8 million pounds a year earlier, but average selling prices fell 6 cents per pound.
The company is committed to improving its buying practices in an effort to widen margins, New York-based parent Icahn Enterprises LP said during a Nov. 4 earnings conference call.