Metals Inc. is working to expand its margins, the company said,
after logging a third-quarter net loss despite higher
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
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.
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.