On July 2, 2024, Radius Recycling, Inc. held its Q3 2024 Earnings Conference Call at 11:30 AM ET. The call featured key speakers including Michael Bennett, the Vice President of Investor Relations, Tamara Lundgren, the Chairman and Chief Executive Officer, and Stefano Gaggini, the Chief Financial Officer. The call was attended by various conference call participants, including Martin Englert from Seaport Research Partners and Samuel McKinney from KeyBanc Capital Markets.
Michael Bennett, the Vice President of Investor Relations, started the call by welcoming participants to Radius Recycling’s earnings presentation for the third quarter of fiscal 2024. He emphasized the importance of the detailed Safe Harbor statement and the forward-looking statements that would be discussed during the call. Tamara Lundgren, the Chairman and Chief Executive Officer, recognized the efforts of the employees in improving safety performance and highlighted the challenges faced in the market conditions over the past year. She reported the financial results for the third quarter and acknowledged the team for delivering improved sequential results despite the tough market conditions.
Lundgren discussed the strategic initiatives that Radius Recycling is undertaking to address current industry dynamics and create long-term value through the cycle. She highlighted the cost reduction and productivity program, investments in advanced metal recovery technologies, the 3PR service and solutions business, and the focus on increasing volumes. Lundgren also provided insights into the ferrous and non-ferrous demand, market dynamics, and the performance of the steel mill business.
Stefano Gaggini, the Chief Financial Officer, reviewed the performance drivers in the third quarter, including the improved adjusted EBITDA, the non-cash impairment charge, and the insurance recoveries. He also discussed the progress on the cost reduction and productivity plan, the ferrous and non-ferrous sales dynamics, and the steel mill performance. Gaggini provided details on the operating cash flow, capital expenditures, effective tax rate, net debt, and net leverage.
During the question-and-answer session, Martin Englert from Seaport Research Partners and Samuel McKinney from KeyBanc Capital Markets asked several questions related to the ferrous and non-ferrous markets, freight rates, asset monetization, profitability metrics, and future CapEx plans.
In closing, Tamara Lundgren thanked the participants for their time and invited them to the next conference call when Radius Recycling would report its fourth-quarter results in October. The call ended with the operator concluding the session.