Financial Performance & Volume Trends - Adjusted EBITDA was $49 million, and adjusted EBITDA per ferrous ton was $44[13] - Ferrous sales volumes decreased by 4% sequentially[6] - Nonferrous sales volumes decreased by 2% sequentially, but with higher recovery yields from advanced recovery technology systems[13] - Finished steel sales volumes increased by 7% sequentially due to robust seasonal demand[30] - Nonferrous sales volumes increased over 7% year-over-year, driven by advanced nonferrous technology investments[32] Strategic Initiatives & Market Dynamics - The company rebranded as Radius Recycling [3, 5, 28] - The company launched a new productivity program targeting $30 million in annual benefits, focusing on production cost reductions and operating efficiencies [56] - Ferrous sales volumes were down 5% year-over-year due to a tight supply flow environment [14] - Finished steel sales volumes were up 12% year-over-year due to continued robust demand in West Coast markets [14] Balance Sheet & Liquidity - Operating cash flow was strong at $135 million, leading to a net debt reduction of over $100 million sequentially[13] - Net debt to adjusted EBITDA was 17x at the end of the quarter, an improvement from 25x sequentially[71]
Radius Recycling(RDUS) - 2023 Q4 - Earnings Call Presentation