June 2007 -- Metal Management, one of the nation's largest full-service scrap metal recyclers reported net sales of $524 million for the third quarter of fiscal 2007 compared with $395 million for the same quarter last year. Net income was $15.6 million.
The company addressed a sluggish domestic ferrous market in the third quarter by "by leveraging our transportation and logistics capabilities to take advantage of opportunities outside the United States. We are pleased with our strong volume and near record revenue, especially during a part of the calendar year historically known to be seasonally slow. Nonetheless, the weaker pricing environment for ferrous scrap and the prices we realized in export sales after freight compressed margins on ferrous products. Our non-ferrous operations performed well, though that market was also challenged during the third fiscal quarter," said Daniel W. Dienst, Chairman and CEO.
Looking forward, Dienst said that international demand for ferrous scrap "remains robust."
